Global Daily Fantasy Sports Inc. - Closing of $6 million private placement

VANCOUVER, Aug. 30, 2016 /CNW/ - Global Daily Fantasy Sports Inc. (TSXV: DFS) ("Global") is pleased to announce that further to Global's news release of July 26, 2016, Global has completed its non-brokered private placement financing by issuing 15,000,000 units (the "Units") at a price of $0.40 per Unit, for gross proceeds of $6,000,000. Each Unit consists of one common share (a "Common Share") and one half transferable common share purchase warrant (a "Warrant").  Each Warrant entitles the holder to purchase one full Common Share at a purchase price of $0.75 in the first year and $1.00 in the second year. All securities issued have a hold period expiring four months after issue.

The net proceeds from this financing will be used for working capital to allow Global to fund further development and marketing of its daily fantasy sports product launch.

Finder's fees of $ 66,988.00 cash and 167,471 common shares were issued to an arm's length party.

About Global Daily Fantasy Sports Inc.

Global Daily Fantasy Sports Inc. is a multi-tenant gateway that allows operators to offer their customers a world class daily fantasy sports software solution. Global's platform is built for mobile and desktop applications that allow for seamless integration at the operator level without having to share or compromise any sensitive customer data.  Joining the Global network allows operators to capitalize on a mature infrastructure, with shared liquidity, which was built specifically for regulated market environments.  As the first true B2B global network, Global is a SaaS (software as a service) product that offers a turn-key solution for sportsbook operators, land-based operators, media groups, and big database groups to participate in the world of daily fantasy sports.  For more information on Global Daily Fantasy Sports Inc. visit our corporate websitewww.GDFSI.com.  

Global Daily Fantasy Sports Inc.

Per:     "Darcy Krogh"

Darcy Krogh, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Statements

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including details about the proposed transactions. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions,  currency fluctuations, operational risks, competition from other industry participants, stock market volatility, the risks that the parties will not proceed with the proposed transactions, that the ultimate terms of the proposed transaction will differ from those that currently are contemplated and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based on the currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results as discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

SOURCE Global Daily Fantasy Sports Inc.

Image with caption: "Global Daily Fantasy Sports Inc. (CNW Group/Global Daily Fantasy Sports Inc.)". Image available at: http://photos.newswire.ca/images/download/20160830_C6539_PHOTO_EN_762741.jpg

For further information: Darcy Krogh, President and CEO, Tel: 604 685 9316, Email: dkrogh@gdfsi.com

RELATED LINKS
www.gdfsi.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890