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.