Simplicity Esports and Gaming Company has announced that it has secured a 12-month-term loan of $550,000 from an accredited investor. The loan carries a 12% interest rate, matures on 18 June 2021 and payments begin on 16 October 2020.
“The proceeds from the new note will allow us to payoff the Harbor Gates convertible note prior to maturity or conversion. Additionally, the proceeds will provide the funds needed to capitalize on organic and inorganic growth opportunities that have become available due to COVID-19 related disruptions in various markets,” Roman Franklin, President of Simplicity Esports, said.
Simplicity Esports previously announced that it is increasing the frequency and expanding the titles of its online tournaments, as well as introducing online tournaments to its 1.6 million Flamengo Esports social media followers. Simplicity Esports also announced it has received multiple proposals from landlords to open Simplicity Esports corporate owned esports gaming centres in 8000 to 12,000 sq. ft. spaces with leases that do not require a specified fixed rent, but instead rent is calculated as a percentage of gross sales, a signal of the landlords’ belief in the appeal of Simplicity Esports’ gaming centre business model and growth potential.
By Niji Narayan
Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.