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.