TORONTO, June 21, 2018 /CNW/ - Global Daily Fantasy Sports Inc. (referred to as "Global" or the "Company") (TSX-V: DFS), is pleased to announce that it intends to raise gross proceeds of up to $3,000,000 through a non-brokered private placement of 17,143,000 units (the "Units") of the Company at a price of $0.175 per Unit. Each Unit will consist of one (1) common share and one-half common share purchase warrants (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share of the Company for a period of 36 months from the date of issuance at an exercise price of $0.40 per Warrant, subject to an accelerated expiry after twelve (12) months from closing of the Offering in the event that the common shares trade above a weighted average price of $0.60 for any 15 consecutive trading days period on the TSX Venture Exchange (the "TSXV"), or other exchange where the Company's shares are listed.
The non-brokered private placement is subject to all necessary regulatory approvals. The securities being issued in the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. The Company may pay a finders fee at their discretion to parties involved in the financing. The Company intends to use the net proceeds for additional technical resources, new sport development, sales and marketing activities in core and new markets and general working capital.
Global would also like to announce that it has retained, subject to acceptance of filings with regulatory authorities, Independent Trading Group Inc. ("ITG") to provide market maintenance services to the Company in compliance with regulatory guidelines. ITG will trade shares of the Company on the TSX Venture Exchange for the purposes of maintaining a reasonable market and improving the liquidity of the Company's common shares. The Company will pay ITG $3,500 per month for their services. The agreement with ITG may be terminated at any time by the Company or ITG following an initial three-month term. There are no performance factors contained in the agreement and ITG will not receive any shares or options as compensation for the services it will render. The Company and ITG are unrelated and unaffiliated entities but ITG and/or its clients may have an interest, directly or indirectly, in the securities of the Company.
About Global Daily Fantasy Sports Inc.
Global Daily Fantasy Sports Inc. (TSX-V: DFS), with its subsidiaries, is a licensed and regulated provider of fantasy sports software with offices in Malta, Toronto and Vancouver. Its platform is a multi-tenant gateway that allows operators to offer their customers a world class Daily Fantasy Sports software solution. The platform allows for seamless integration at the operator level without having to share or compromise any sensitive customer data. Joining the Company's network allows operators to capitalize on a mature infrastructure, with shared liquidity, that was built specifically for regulated market environments. As a true B2B global network, the Company is a SaaS product that offers a turn-key solution for sportsbook operators, land-based operators, media groups, and big database companies to participate in the daily fantasy sports industry.
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.
SOURCE Global Daily Fantasy Sports Inc.