VANCOUVER, March 12, 2019 /CNW/ - Global Daily Fantasy Sports Inc. (TSX-V: DFS / Frankfurt: 7CR) ("Global" or the "Company"), is pleased to announce that it intends to raise gross proceeds of up to $1,500,000 through a non-brokered private placement (the "Offering") of 15,000,000 units (the "Units") of the Company at a price of $0.10 per Unit. Each Unit will consist of one (1) common share and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of 12 months from the closing date of the Offering (the "Closing Date") at an exercise price of $0.20 per Warrant. The expiry date of the Warrants may, at the Company's option, be accelerated if at any time between the Closing Date and the expiry date of the Warrants, the common shares of the Company trade at or above $0.25 for a period of 20 consecutive trading days on the TSX Venture Exchange (the "TSXV") or such other stock exchange where the Company's common shares are listed.
The Offering is subject to all necessary regulatory approvals, including the TSXV. The securities being issued in the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws. The Company may pay a finder's fee at their discretion to arm's length parties involved in the financing. The Company intends to use the net proceeds of the Offering for continued sales and marketing of it dotcom DFS (daily fantasy sports) network and general working capital.
Global is pleased to announce the appointment of Jason Meretsky to the Company's Board of Directors. Mr. Meretsky is a business lawyer with over 20 years of M&A transactional and operational experience for private and public companies. Since 2009, Mr. Meretsky has practiced corporate and securities law at his own firm, Meretsky Law Firm, principally focussed on capitalizing and structuring earlier stage companies. Prior thereto, Mr. Meretsky participated in various other entrepreneurial pursuits, including serving as Executive Vice President, Corporate Development of an online media company (2008-2009) and Vice President and General Counsel of a public enterprise technology company (2004-2008). Prior thereto, Mr. Meretsky practiced corporate and securities law as a partner with a Toronto based full-service law firm. Mr. Meretsky completed the Joint J.D./M.B.A. Program from the Schulich School of Business at York University and from Osgoode Hall Law School and is a member in good standing of the Law Society of Ontario.
Mr. Meretsky will replace Mr. Nick Demare, who has resigned as a director of the Company. The Board thanks Mr. Demare for his contributions during his tenure with the Company and we wish him the best in his future endeavours
ON BEHALF OF THE BOARD OF DIRECTORS.
Darcy Krogh; President and CEO
About Global Daily Fantasy Sports Inc.
Global Daily Fantasy Sports Inc. (TSX-V: DFS Frankfurt: 7CR) is providing 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 offers a SaaS product that is an ideal turn-key solution for sportsbook operators, land-based operators, media groups, and big database companies to participate in the daily fantasy sports industry.
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.
For further information: please visit the Company's website at www.gdfsi.com or contact Mike Marrandino, Director, Email: [email protected]