Gfinity raises much-needed £1m from share sale after reporting loss of £3.6m

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Gfinity, the eSports – or gaming –company, held an accelerated share sale yesterday to raise 1m, after reporting a loss of 3.6m in the year to 30 June.

The 19p share price represented a discount of approximately 22.4 per cent. The company issued a little over five million new ordinary shares, which accounts for around 6.3 per cent of Gfinity's enlarged share capital.

Gfinity's revenues increased 163 per cent from the year before, to 560,828, but the company's lossesalso quadrupled, from 900,000 to 3.6m, and its cash balance was down to 2.73m, from 4.68m in December when it floated.

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