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TheScore names CFO, discloses C$40M investment from Fengate-managed fund

TheScore Inc. appointed Alvin Lobo CFO of the company.

Most recently, Lobo was vice president of corporate finance at casino operator Boyd Gaming Corp.

Separately, theScore signed an investment agreement with a fund managed and controlled by Fengate Asset Management. Under the agreement, Fengate will buy a C$40 million 8.00% unsecured subordinated debenture of theScore, due Aug. 31, 2024, to fund the development of the company's media and sports betting business.

The private placement, which is subject to certain conditions, including receipt of the approval of the TSX Venture Exchange, is expected to close on or about Sept. 5. Interest on the debt is payable semiannually on the last day of February and August of each year, starting Feb. 29, 2020.

Redbird Sports Group served as financial adviser to theScore and PJT Partners acted as financial adviser to Fengate in connection with this transaction. McCarthy Tétrault LLP and Duane Morris LLP acted as legal advisers to theScore, while Torys LLP acted as legal adviser to Fengate in connection with this transaction.