Mentioned in this article
- Esports tournament platform developer Mogul received binding commitments to raise a $3.97M AUD ($2.71M USD) investment led by CPS Capital via a share placement.
- The Australian Stock Exchange-listed company will issue 397M ordinary shares at $0.01 AUD per share to investors.
- Mogul will use the funds raised to work on the monetization of its tournament platform through 2020 and continue its development.
Today, Australian online esports tournament platform developer Mogul announced that it has received binding commitments to raise $3.97M AUD ($2.71M) in a placement led by CPS Capital. The Australian Securities Exchange (ASX) listed company’s placement was priced at $0.01 AUD per share.
Mogul owns and operates mogul.gg, an online esports tournament and matchmaking platform with automation for major esports titles, including chat and streaming functionality. Furthermore, the company offers “Branded Hubs” to game publishers, a technology to create grassroots esports activations.
“We’re excited to have received such significant support for this placement, raising a total of $3.97M AUD ($2.71M). Investor appetite well exceeded the company’s placement capacity,” said Gernot Abl, managing director of Mogul, in a release. “We now look forward to next year as we seek to capitalize on our world-class technology platform, further developing our monetization strategies, and continuing to secure partnerships with industry-leading esports brands and organizations.”
According to the company, the proceeds of the investment will be used to support the rollout of Mogul’s “Branded Hubs” technology further, accelerate revenue-generating activities, further international partner expansion, and continued innovation of Mogul’s tournament platform, mogul.gg.
Mogul expects to complete allotment of the shares to be issued under the placement on or before Dec. 18. Under the placement, Mogul will issue 397M fully paid ordinary shares to investors. The placement was completed at $0.01 AUD, which is a 19.2% discount to the company’s volume-weighted average price (VWAP) over the last 15 days.
In September, XY Gaming, a competitor in the esports tournament platform space, raised a seed investment of $2.5M to enhance its advertising offering by developing a new branded tournament model and expanding its advertising vertical, to better enable direct brand engagement.
