Mobile video game publisher Millennial ESports Corp. announced Monday that it has entered an $10 million (USD) agreement with credit facility Eastmore Global Ltd.
The initial drawdown through the facility is worth an estimated $1.1 million. Under this agreement, Millennial ESports has also issued 516,800 common shares.
The Canadian gaming Company noted that it plans to optimize the balance of its share price and number of shares outstanding to enable a broad range of investors and new institutions to acquire the company’s shares. Though Millennial ESports has submitted a proposal, it has no intention to pursue a stock consolidation.
Millennial focuses on ESports and racing mobile video games.