theScore completes C$40M private placement with a fund managed and controlled by Fengate Asset Management
September 05, 2019
40.00 Million CAD
On September 5, 2019, Score Media and Gaming Inc. ("theScore") announced that it had completed its previously announced private placement with a fund managed and controlled by Fengate Asset Management whereby the fund invested C$40 million in theScore in exchange for an 8.00% convertible unsecured subordinated debenture, due August 31, 2024. The fund may convert the debenture into Class A subordinate voting shares of theScore any time prior to the maturity date. theScore plans to use the proceeds of the private placement to fund the growth and development of its media and sports betting businesses.
theScore is a publicly traded digital media company based in Toronto.
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. It has offices in Toronto, Houston, Vancouver, New York and Oakville, Ontario.
McCarthy Tétrault LLP advised theScore with a team led by Robert Hansen that included Gordon Baird, Michael Eldridge and John Murray (Business) and Patrick McCay (Tax).