By the terms of the agreement, GGY will provide LootMogul with a share subscription facility of up to $200 million for 36 months following an equity exchange listing. The listing allowed LootMogul to draw funds by issuing equity shares to GGY. LootMogul controls the timing and the maximum size of such drawdowns but has no minimum drawdown obligation.
Additionally, the funding will accelerate the growth of LootMogul’s metaverse for sports games. The company said in a statement:
The funding will help build virtual sports cities worldwide with real-world benefits, brands and professional athletes on a true cross metaverse multi-chain platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console.
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