SEED Innovations has announced that it has invested a further €450,000 in Fralis LLC, trading as Leap Gaming, an Israel-based B2B developer of high-end 3D gaming applications whose games are offered by leading online and retail gaming operators worldwide.
The Investment, funded from existing Company cash resources, is by way of an extension to the existing €1million 1% Convertible Loan Note (as part of a funding round by Leap to raise up to a further €1.2million. The Investment takes the total amount invested by SEED in Leap convertible loan notes to €741,641 (c.£630,000 based on approximate GBP cost prices on the investment dates. The Company also holds 47.06% of the total equity of Leap on an undiluted basis.
“This investment reflects our ongoing support of Leap Gaming and their team as they continue to challenge the gaming industry worldwide. The funding will further facilitate their development and movement towards a possible liquidity event with all options, including M&A activity and a near term public market offering, being contemplated,” Ed McDermott, CEO of SEED, said.
“Although not a sector of core focus for SEED, this long-term investment that we have supported for some time is an important contributor to our net asset value, and with the growth Leap has seen and is forecasting to year end, we anticipate positive news flow and corporate development into 2022,” Ed McDermott, added.
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