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Gunsynd (LON: GUN) shares are rising on Friday after the company said it has increased its investment in Low6, a UK based B2B pool betting platform for franchises.

Gunsynd said it has invested approximately £65,000 in Low6, which offers a white-label pool betting platform for professional sports franchises, via a convertible loan note.

In Q4 2020, Low6 closed a pre-IPO round organised by Canaccord Genuity. As announced on 14 December 2020, Gunsynd subscribed for 6,667 ordinary shares for £30 per share for a total consideration of £200,010.

Gunsynd purchased 6,667 ordinary shares in Low6 in Q4 2020 in a pre-IPO round organised by Canaccord Genuity. They paid a price of £30 per share for a total consideration of £200,010.

Low6 said it will use the proceeds from the fundraising to continue to implement its growth strategy, general working capital, and preparation costs for its forthcoming IPO, with a listing targeted for the first half of 2021.

“We believe Low6 is now well-funded to accelerate all of its growth aspirations across numerous B2B partnered apps and standalone apps,” commented Gunsynd Director Peter Ruse.

“This segment of the market continues to attract us, as we are seeing the continued deregulation of sports betting across a number states in the USA offering a strong market backdrop,” added Ruse.

Gunsynd shares are currently trading at 1.85p, up 1.58% on the day.

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