Benzinga | Mar 29, 2021 02:03PM EDT

Fandom Sports Shares Are Trading Lower On Plans To Raise C$5M From Secondary Private Offering At 36% Discount

* Gaming company Fandom Sports Media Corp (OTC: FDMSF) plans to raise C$5 million in gross proceeds from the private offering of 20.8 million units at C$0.24 per share.

* Each unit comprises one share and one common share purchase warrant, which entitles the holder to purchase an additional share at $0.36 within 24 months of the offer closing.

* The offer price signifies a 36% discount to the company's Friday closing price of C$0.41 on the Canadian exchange.

* The offering proceeds will be utilized for working capital, business development, and general corporate purposes.

* The company raised C$0.78 million in a secondary private share sale in Dec. 2020.

* Price action: FDMSF shares traded lower by 14.3% at $0.2785 on the last check Monday.