SportsHero Limited's $500,000 placement completion

SportsHero Limited (ASX:SHO) has successfully completed a $500,000 placement, receiving firm commitments to raise the amount through the issuance of 50 million new fully paid ordinary shares at $0.01 per share. The funds raised will be utilized to expedite the commercialization of existing partnerships with iGV.Com and PSSI in Indonesia, and future expansion into Thailand. The company also aims to enhance sales and marketing efforts, along with addressing ongoing administrative and working capital requirements.

Executive Commentary

The completion of the $500,000 placement marks a significant milestone for SportsHero Limited. The funds raised will enable us to drive the commercialization of our partnerships with iGV.Com and PSSI in Indonesia, and pave the way for our expansion into the Thai market. We are also focused on strengthening our sales and marketing initiatives, as well as addressing our ongoing administrative and working capital needs. This strategic move aligns with our commitment to enhancing shareholder value and furthering our presence in the esports industry.

Summary of Placement Completion

SportsHero Limited (ASX:SHO) has successfully completed a $500,000 placement, securing firm commitments from sophisticated and institutional investors. The raised funds will be instrumental in accelerating the commercialization of existing partnerships with iGV.Com and PSSI in Indonesia, and future expansion into Thailand. Additionally, the company plans to bolster its sales and marketing efforts, optimize the KitaGaruda app with PSSI, and expand its local Indonesian team to include more esports specialists. The Placement price of $0.01 represents a 17% discount to the last close price and a 9% discount to the 5-day VWAP of SHO shares. The completion of the Placement is expected to occur on Friday, 4 October 2024, with trading of the new shares expected to commence on the following business day. This strategic move underscores SportsHero's commitment to driving growth, enhancing partnerships, and fortifying its position in the esports market.