Tiidal Gaming Group (TIDL.CN), a Canadian-based esports and online betting platform provider, announced today the closing of the oversubscribed first tranche of its previously announced non-brokered private placement.
Tiidal will use the net proceeds for Sportsflare operations in sales, trading and development and general corporate and working capital purposes.
The first tranche consists of an offering of 5,619,051 Units at a price of $0.10 per Unit for aggregate gross proceeds of $561,905.10. Each unit is made up of a one common share and one common share purchase warrant which is exercisable at $0.15 per share for a period of 36 months following the closing of the offering.
Tiidal also paid an aggregate of $2800.00 and issued 28,000 compensation options with the same terms as above as the finders’ fee to those who assisted with the offering.
Tiidal Gaming is a leading media and technology platform enabling next generation engagement in esports and gaming. The Company is positioned at the intersection of gaming, media, and betting and enables their partners to create positive, engaging, and immersive fan and consumer experiences through their industry-leading media & technology offerings.
Just yesterday, Tiidal announced that Sportsflare, a wholly owned division of the company, will be participating in the upcoming SBC Summit Barcelona event from September 20, 2022, to September 22, 2022.
SBC Summit Barcelona, brings together global leaders in the sports betting and iGaming industries, to discuss the sectors’ futures, exchange knowledge and establish professional connections.
Tiidal Gaming’s management team will conduct a live demo of Sportsflare’s Flash Markets, a unique live micromarkets data product for popular esports titles, including League of Legends, Dota 2 and CS:GO.
The company will also be showcasing the Sportsflare HUB, its latest solution for esports betting, which offers seamless integration into sportsbooks.
At time of writing, the stock is up over 6% with 7,821 shares traded.
From a technical perspective, Tiidal is in a basing/range stage. The stock recently printed all time record lows at $0.07 at the beginning of September. Buyers stepped in and this price zone remains the bottom portion of the current support. To the upside, I have a range top at $0.12-$0.125. This resistance needs to be taken out for further upside.
When a stock is basing or in a range, it tends to be the beginnings of a reversal. In the case of Tiidal, a range after the recent lows suggests that the downtrend is over. Selling pressure has exhausted. It is now up to management to initiate catalysts. With a private placement, the company has funds to initiate these catalysts.
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