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VANCOUVER, April 5, 2019 /CNW/ - Global Daily Fantasy Sports Inc. (TSX-V: DFS / Frankfurt: 7CR) ("Global" or the "Company") is pleased to announce that it has closed the first tranche of the private placement financing (the "Private Placement") announced in the Company's news release dated March 12, 2019. In this first tranche 11,600,000 units (the "Units") were issued at a price of $0.10 per Unit for gross proceeds of approximately $1,160,000. Each Unit is composed of one common share of the Company and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 until April 4, 2020 (the "Expiry Date"). Notwithstanding the above, if over a period of 20 consecutive trading days (a "Trading Target") commencing at any time after April 4, 2019 until the Expiry Date, the closing price of the common shares of the Company on the TSX Venture Exchange (the "Exchange") or such other stock exchange where the majority of the trading volume occurs, exceeds or is equal to $0.25 over those 20 consecutive trading days, the Company may, at its sole option, give written notice to the holders of the Warrants (the "Exercise Notice") that the Warrants will expire at 4:30 p.m. (Vancouver time) on the earlier of (i) the 30th day following the giving of the Exercise Notice); and (ii) the Expiry Date, unless exercised by the holders prior to such date.
The securities issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws, expiring on August 5, 2019. The Private Placement is subject to the final acceptance of the Exchange.
The Company intends to use the net proceeds of the Private Placement for, sales and marketing activities in core and new markets and general working capital.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any State Securities Laws and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act. This release does not constitute an offer for sale of securities in the United States.
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.
For further information, please visit the Company's website at www.gdfsi.com or contact
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.
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward looking statements in this press release include, but are not restricted to, statements regarding the Company's planned use of the proceeds of the Private Placement and final acceptance of the Private Placement by the Exchange.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include that the Company does not receive regulatory acceptance to the Offering. Accordingly the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, except as may be required by applicable securities laws.
SOURCE Global Daily Fantasy Sports Inc.
For further information: Mike Marrandino, Director, Email: firstname.lastname@example.org