- Offering accelerates development and marketing of leading mobile
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES/
TORONTO, May 6, 2014 /CNW/ - theScore, Inc. (TSX Venture: SCR)
("theScore" or the "Company") is pleased to announce that it has closed
its previously announced public offering of Class A Subordinated Voting
Shares (the "Class A Shares") of theScore, concurrently with the full
exercise of the over-allotment option, through a syndicate of
underwriters led by Beacon Securities Limited and including Canaccord
Genuity Corp., for gross proceeds of $9,108,000 (the "Bought Deal
Offering"). theScore is also pleased to announce it has closed its
previously announced private placement of Class A Shares for gross
proceeds of $8,142,000, which together with the Bought Deal Offering
raised aggregate gross proceed of approximately $17,250,000. The shares
issued pursuant to the private placement will be subject to a hold
period expiring September 8, 2014.
The net proceeds from the offerings will be used to support the ongoing
development of the Company's flagship mobile sports app "theScore" and
the expansion of sales and marketing efforts and for general corporate and working capital purposes.
"We are very pleased with the support received from the financial
community," said John Levy, Chairman and CEO of theScore. "It is a very
exciting time for all of us at theScore as we continue to aggressively
build our mobile-first sports offering."
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful, including the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or any securities
laws and may not be offered or sold in the United States unless
registered under the 1933 Act and any applicable securities laws of any
state of the United States or an applicable exemption from such
registration requirements is available.
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About theScore, Inc.
theScore creates mobile-first sports experiences, connecting fans to
what they love through an addictive combination of real-time news,
scores, fantasy information and alerts while creating and curating
content that is mobile optimized, comprehensive, customizable and
seamlessly shareable. theScore is available on iOS, Android, BlackBerry and Windows Phone devices.
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events
or performances are forward-looking statements. Any statement
containing words such as "may", "would", "could", "will", "believes",
"plans", "anticipates", "estimates", "expects" or "intends" and other
similar statements which are not historical facts contained in this
release are forward-looking, and these statements involve risks and
uncertainties and are based on current expectations. Such statements
reflect theScore's current views with respect to future events and are
subject to certain risks, uncertainties and assumptions. Many factors
could cause the Company's actual results, performance or achievements
to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward looking
statements, including among other things, those which are discussed
under the heading "Risk Factors" in the Company's Annual Information
Form as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with
securities regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results could differ
materially from the expectations expressed in these forward-looking
statements. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements except as
required by applicable law or regulatory requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: theScore, Inc.
For further information:
Tel: 416.479.8812 ext. 2366
Chief Financial Officer
Tel: 416.479.8812 ext. 2206