Digital gaming and e-sports innovator SportsHero (ASX:SHO) announced a financial milestone, securing $4.3 million in firm commitments through a strategic private placement.
The capital raise involves the issuance of approximately 57.3 million new fully paid ordinary shares priced at $0.075 per share, drawing strong interest from a diverse pool of institutional, sophisticated, and professional investors.
A highlight of the placement is a $300,000 personal commitment from SportsHero CEO Tom Lapping.
The move, pending shareholder approval, serves as a high-conviction endorsement of the company's current trajectory.
Lapping emphasised that a robust balance sheet is essential for the company's "HeroPlay" rollout, stating that financial strength is a prerequisite for partnering with global telecommunications giants that serve hundreds of millions of users across South East Asia.
At the time of reporting, SportsHero's share price was $0.086.