Heroic raise enough money to stay afloat — for now
Summary
European esports organization Heroic has announced that it met its fundraising target in Mondays extraordinary general meeting.According to the minutes from the general meeting, Heroic issued 10 million preference shares at NOK 1 ($0.095) to raise NOK 10 million ($0.95 million) and was able to find shareholders willing to purchase the new stock. The news was earlier reported by Dust2.us.The funds raised are not enough to solve all Heroics problems but are enough to avoid a catastrophe. But given insufficient interest from shareholders in the subscription offer, the organization was forced to lower its target to NOK 10 million and cut the price of the new shares.Preference shares are shares of a companys stock that have priority rights to dividends and/or proceeds in case of liquidation. According to Heroic, the new shares were offered to select investors and existing shareholders holding 5,000 or more shares in the company.Heroic are partnered with the two biggest franchise leagues in CS:GO, BLAST Premier and ESL Pro League, with their team currently ranked third in the world. In January, Heroic were announced as one of the four esports organizations, selected for the ESL R1 virtual racing circuit, alongside MOUZ, FURIA and FaZe.Heroic have been listed on the NOTC in Oslo since February 2021.