Millennial Esports, a mobile video game publisher focused on eSports and racing, entered into a $10 million revolving multi-draw credit facility with Eastmore Global, with a $1.1 million initial drawdown.
The credit facility will be available to the company on the following terms:
- The credit facility bears an annual interest rate of 10% on the principal amounts drawn.
- The maturity date is 12 months from the last drawdown.
- The initial amount will be drawn on the initial funding date.
- For each subsequent drawdown, the lender will receive a number of common shares equal to 20% of the drawdown at an issue price equal to the closing price of the common shares on the TSX Venture Exchange on the day prior to the drawdown using an exchange rate of C$1.292 for US$1, rounded down to the nearest share.
- Future draws under the facility do not require specific conditions precedent, but are at the discretion of the lender.
- If the company draws down the full $10 million under the facility, the lender shall be entitled to a security interest against all the assets of the company, but prior to such occurrence the facility shall be unsecured.
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Toronto-based Millennial Esports is a vertically integrated mobile gaming publisher which focuses on fusing eSports racing and professional motorsport through a global competition model.
