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.