theScore closes C$40 million strategic investment by a fund managed by Fengate Asset Management
On September 5, 2019, Score Media and Gaming Inc. ("theScore") confirmed the closing of its previously announced private placement with a fund managed and controlled by Fengate Asset Management (the "Fund"), which invested C$40 million in theScore to fund the growth and development of the company's media and sports betting businesses.
Under the terms of the agreement, the Fund purchased a C$40,000,000 8.00% convertible unsecured subordinated debenture of theScore, due August 31, 2024. At the holder's option, the debenture may be converted into Class A subordinate voting shares of the company at any time prior to the close of business on the business day immediately preceding the maturity date and the business day immediately preceding the date fixed for redemption of the debenture.
Further information can be found on Business Wire's website.
Score Media and Gaming empowers millions of sports fans through its digital media and sports betting products. Its media app 'theScore' is one of the most popular in North America, delivering fans highly-personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players.
Fengate Asset Management is a leading alternative investment manager, with over C$4 billion of capital commitments under management, focused on infrastructure, private equity and real estate strategies.