VANCOUVER, Aug. 23, 2018 /CNW/ - Global Daily Fantasy Sports Inc. (TSX-V: DFS) ("Global" or the "Company") is pleased to announce that at the annual general meeting of shareholders of the Company (the "AGM") held on August 20, 2018, the shareholders elected Messrs. Darcy Krogh, James Penturn, Nick DeMare, Michele Marrandino and William Scott as directors of the Company. The shareholders also passed all other resolutions including an ordinary resolution to ratify and approve the Company's existing stock option plan, pursuant to which the Company may grant stock options up to 10% of its issued and outstanding common shares at the time of the grant.
At the Board meeting held following the AGM, the Board appointed Mr. Darcy Krogh as President and Chief Executive Officer of the Company, Mr. James Penturn as Chairman, Mr. Justin Shulman as Chief Operating Officer and Mr. Paul Dever as Chief Financial Officer and Corporate Secretary. Further, the Board appointed Messrs. James Penturn, Nick DeMare and Michele Marrandino to the Audit and Compensation Committee of the Company.
The Board also approved a granting of stock options to a director and employee of the Company for the purchase of up to 300,000 shares, at a price of $0.15 per share, for a period of three years.
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 June 21, 2018. In this first tranche 6,234,257 units (the "Units") were issued at a price of $0.15 per Unit for gross proceeds of approximately $935,139. 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 August 16, 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 August 16, 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 December 17, 2018.
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 September 6, 2018 for filing final documentation in respect of the Private Placement.
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.
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.