VANCOUVER, Oct. 10, 2018 /CNW/ - Global Daily Fantasy Sports Inc. (TSX-V: DFS) ("Global" or the "Company") is pleased to announce that it has closed a second tranche of the private placement financing (the "Private Placement") announced in the Company's news release dated June 21, 2018. In this second tranche 3,717,205 units (the "Units") were issued at a price of $0.15 per Unit for gross proceeds of approximately $557,580.75 Each Unit is composed of one common share of the Company and one-half of one transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.40 until September 28, 2021 (the "Expiry Date"). Notwithstanding the foregoing, the Expiry Date of the Warrants may be accelerated by the Company, at its sole option, by giving notice to the holders of the Warrants thereof, if over a period of 15 consecutive trading days commencing at any time after September 28, 2019, the volume-weighted average trading 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 $0.60.
The securities issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws, expiring on January 29, 2019.
The Company intends to use the net proceeds of the Private Placement for, new sport development, sales and marketing activities in core and new markets and general working capital.
The Company also announces that the Exchange has granted an extension to November 02, 2018 for filing final documentation in respect of the Private Placement.
The Company has paid a commission of $18,000 to Leede Jones Gable for their participation on the financing
About Global Daily Fantasy Sports Inc.
Global Daily Fantasy Sports Inc. (TSX-V: DFS) 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.
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.
SOURCE Global Daily Fantasy Sports Inc.
For further information: Mike Marrandino, Director, Email: email@example.com