FansUnite says each unit will be made up of one common share and one common share purchase warrant, which entitles the holder to purchase a warrant share at a price of $0.12 for 36 months after the offering closes.

Proceeds made by the offering will go towards the working costs of the company, and the first tranche is expected to close on 9 March – while any further tranches will be agreed upon by FansUnite and cleared by relevant regulatory approvals.

Meanwhile, Scott Burton, FansUnite CEO, added: “This private placement offers us an opportunity to work with a strategic investor group consisting of top executives who have helped build and grow some of the largest gaming companies globally.

“They have expressed a strong interest to support our strategy in achieving our profitability and growth targets. To date, we have made great strides in maximizing cost efficiencies while executing initiatives to improve our top and bottom line.”

Furthermore, investment firm Tekkorp Capital has already agreed to purchase 13,750,000 units.

Matt Davey, Founder & Chairman of Tekkorp Capital, said: “We are active investors in the sports and gaming industry and look for great businesses with strong leadership in market segments we like.

"Scott and his team at FansUnite tick all the boxes for us, and we are happy to support in their journey to grow the company and shareholder value for all investors.”