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Leading Esports Sportsbook and Media Company Rivalry Closes Oversubscribed US$22 Million Subscription Receipt Financing
Next gen sports betting and media company Rivalry has now raised over US$40 Million in the last twelve months to support its rapid growth
TORONTO, June 22, 2021 (GLOBE NEWSWIRE) — PMML Corp. (the “Company”), the parent company of Rivalry Limited (“Rivalry”), an internationally regulated sports betting and media company, is pleased to announce that, on June 9, 2021, it completed an oversubscribed subscription receipt financing for gross proceeds of approximately US$22 million (the “Offering”). The Offering was co-led by Eight Capital and Cormark Securities Inc., with a syndicate of agents including Canaccord Genuity Corp. and M Partners Inc. Institutional investors from Canada, the United States, the European Union, and Australia participated in the Offering. The Company expects to use the proceeds from the Offering to fund Rivalry’s growth through hiring, country expansion, new product and media expansion.
“At Rivalry we are working to innovate the sports betting category for a new generation of consumers globally,” says Steven Salz, Co-Founder and CEO of Rivalry. “Since launch, our strategy has been to lead from the front with esports and gaming media as a brand, and pair that with a market-leading product built top to bottom in-house. Creating a brand that fans love and is organically a part of their respective community is critical, and the product must be innovative and original as well. We have been executing on this vision, delivering double digit month over month growth on average for more than two years, and are eager to begin deploying this new capital against our plans to materially enhance our output across all key pillars of the business.”
As a company founded and based in Canada, Rivalry is closely monitoring and preparing for the potential national legalization of single event sports betting, and obtaining an iGaming license in the province of Ontario. Rivalry is a proud member of the Toronto tech community, having built the foundation of its team with local talent. The Company intends to continue making Toronto home for its innovative product development and is excited by the prospect of offering its products to Canadians for the first time.
“Following significant growth in 2020 and Q1/21, this injection of new funding comes at a critical inflection point in the Company’s history,” continued Steven Salz. “To meet the rapid growth we are seeing within the business we are meaningfully scaling our team while simultaneously expanding into new markets, increasing our original product IP portfolio and materially enhancing the volume and production quality of our media arm. Combined with operational execution across all levels of the business, pending legalization of sports betting at home, and our intention to complete a public listing later this year, we are more excited than ever about what the future holds for Rivalry.”
Within 120 days following the June 9, 2021 closing of the Offering (the “Escrow Release Deadline”), the Company intends to file and obtain a receipt for a final prospectus (the “Qualifying Prospectus”) qualifying the securities issuable upon conversion of the subscription receipts (the “Underlying Shares”) and to obtain the conditional approval to list the Underlying Shares on a recognized public stock exchange (the “Exchange Approval”). The filing of, and receipt for the Qualifying Prospectus and the Exchange Approval must be satisfied prior to the Escrow Release Deadline in order for the net proceeds of the Offering to be released from escrow to the Company.
About PMML Corp. and Rivalry
Rivalry Limited, a wholly owned subsidiary of PMML Corp., is a leading sport betting and sports media property offering fully regulated online wagering on esports, traditional sports, and casinos for the next generation of bettors. Rivalry Limited currently holds an Isle of Man license, considered one of the premier online gambling jurisdictions. Based in Toronto, Rivalry operates a global team of nearly 70 staff and growing. Rivalry Limited was granted its Isle of Man license in early 2018, officially launching in August of that year, and the Company is currently in the process of obtaining multiple country licenses in parallel. The Company also has a variety of originally developed products, including Quest, a gamified on-site betting experience, and a growing suite of original casino games called Rushlane that offers both B2C and B2B opportunities.
Company Contact:
Steven Salz, CEO
ss@pmmlcorp.com
Media Contact:
BRANDSTYLE COMMUNICATIONS
Kell Cholko / kell@brandstyle.com
484.797.2014
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”), including but not limited to statements regarding the intended filing and timing of the Qualifying Prospectus and Exchange Approval, and the use of the net proceeds of the Offering if the foregoing are receipted and obtained, respectively, prior to the Escrow Release Deadline. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: the ability for the Company to meet all securities regulatory and other stock exchange listing requirements in order to obtain a final receipt for the Qualifying Prospectus and Exchange Approval within the intended timeframe and prior to the Escrow Release Deadline, regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the e-sports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of e-sports and other betting products are not guaranteed; changes in public perception of the e-sports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; the impact of the COVID-19 pandemic; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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