CPE News (5/5/2021) – Playmaker Capital Inc. has completed a concurrent brokered and non-brokered private placement financing of 48 million subscription receipts at $0.50 per SR for aggregate gross proceeds of $24 million.
The financing consisted of brokered portion of 32.36 million and non-brokered portion of 15.64 million subscription receipts.
On March 8, 2021, Apolo III Acquisition Corp., a CPC, and Playmaker Capital announced the entering into into a binding letter of intent (LOI) to consummate a go-public transaction by way of reverse take-over (RTO) for Playmaker and the Qualifying Transaction (QT) for Apolo III Acquisition. In connection with the proposed QT, Playmaker intended to complete a fully marketed best efforts private placement of subscription receipts, led by Canaccord Genuity Corp., at $0.50 per subscription receipt, for aggregate gross proceeds of up to $25 million.
Upon closing the transaction, the new resulting issuer, to be named “Playmaker Capital Inc.,” would have 140,952,000 shares issued and outstanding, of which 89,060,000 shares will be held by old Playmker shareholders and 48,000,000 shares by subscription receipt investors, effectively valuing old Playmaker at $44.53 million.
Founded by Jordan Gnat in 2019, Playmaker Capital is a digital sports media company. Playmaker Capital “is building a collection of premier sports media brands, curated to deliver highly engaged audiences of sports fans to sports betting companies, leagues, teams and advertisers.”
Playmaker Capital has been backed by Relay Ventures with Relay Ventures’ John Albright and Jake Cassaday sitting on Playmaker’s three-member board of directors along with Gnat.
photo credit: Playmaker Capital
News Release
Playmaker Announces Completion of Subscription Receipt Financing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, April 05, 2021 (GLOBE NEWSWIRE) — Playmaker Capital Inc. (“Playmaker” or the “Company”) today announced that, further to Apolo III Acquisition Corp.’s (“Apolo”) March 8, 2021 announcement highlighting that the Company and Apolo entered into a binding letter of intent to consummate a go-public transaction in Canada (the “Transaction”), the Company has completed a concurrent brokered and non-brokered private placement financing of subscription receipts (the “Subscription Receipts”) for aggregate gross proceeds of $24,000,000 (the “Offering”).
The Transaction will be effected through the reverse takeover of Apolo, a reporting issuer in British Columbia, Alberta and Ontario, by the Company, with the resulting issuer (the “Resulting Issuer”) being named “Playmaker Capital Inc.”. The consummation of the Transaction is subject to the approval of applicable director and shareholder approvals, regulatory approvals and other customary closing conditions.
Completion of the Offering
On April 1, 2021, the Company completed the Offering, pursuant to which it issued 48,000,000 Subscription Receipts at a price of $0.50 per Subscription Receipt (the “Issue Price”) for aggregate gross proceeds of $24,000,000. The Offering was comprised of a brokered offering of 32,360,000 Subscription Receipts for gross proceeds of $16,180,000, which was led by Canaccord Genuity Corp. (the “Lead Agent”), together with Echelon Wealth Partners Inc., Eight Capital, PI Financial Corp. and Scotia Capital Inc. (collectively with the Lead Agent, the “Agents”), and a non-brokered offering of 15,640,000 Subscription Receipts for gross proceeds of $7,820,000. In connection with the Offering, the Company granted to the Agents an option (the “Agents’ Option”) to increase the size of the brokered portion of the Offering by up to an additional 10,000,000 Subscription Receipts at the Issue Price, for additional gross proceeds to the Company of up to $5,000,000. The Agents’ Option was exercised concurrent with closing of the Offering.
The Subscription Receipts will be indirectly and automatically exchanged for common shares of the Resulting Issuer upon satisfaction of the escrow release conditions (the “Escrow Release Conditions”) set out in the subscription receipt agreement entered into among the Company, the Lead Agent and Odyssey Trust Company (“Odyssey”), as subscription receipt agent and escrow agent, dated April 1, 2021. The net proceeds from the Offering, after fees and expenses incurred, including 50% of the Agents’ commission for the Offering, have been deposited with Odyssey. The escrowed proceeds will be held by Odyssey until the Escrow Release Conditions have been satisfied.
Subject to receipt of the required consents and approvals referred to above, it is expected that the Escrow Release Conditions will be satisfied and the Transaction will be completed in May 2021. Additional details regarding the Transaction and the Offering will be provided in Apolo’s listing statement, which is expected to be filed with the TSX Venture Exchange (“TSXV”) in April 2021.
Additionally, on April 1, 2021, Playmaker completed the acquisition of the business known as Futbol Sites. Futbol Sites is a top digital sports media group in the United States and Latin America, with one of the largest audiences in its category, reaching more than 50 million unique users every month through a portfolio of more than 10 premium sites and more than 300 million users through a variety of social media channels. Futbol Sites serves up over one billion ad impressions monthly on its owned and operated sites. Futbol Sites is currently licensed in 7 states in the U.S. for sports betting media and has a content team dedicated to curating sports betting specific content on a daily basis.
About Playmaker
Playmaker is a digital sports media company that lives at the intersection of sports, gambling, media and technology. Playmaker is building a collection of premier sports media brands, curated to deliver highly engaged audiences of sports fans to sports betting companies, leagues, teams and advertisers.
For further information, please contact:
Jordan Gnat
Chief Executive Officer
E-mail: jgnat@playmaker.fans