/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER, April 5, 2019 /CNW/ - Global Daily Fantasy
Sports Inc. (TSX-V: DFS / Frankfurt: 7CR) ("Global"
or 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 March 12, 2019. In this
first tranche 11,600,000 units (the "Units") were issued at a price
of $0.10 per Unit for gross proceeds
of approximately $1,160,000. Each
Unit is composed of one common share of the Company and one
non-transferable common share purchase warrant (a "Warrant"). Each
Warrant will entitle the holder thereof to purchase one additional
common share of the Company at an exercise price of $0.20 until April 4,
2020 (the "Expiry Date"). Notwithstanding the above,
if over a period of 20 consecutive trading days (a "Trading
Target") commencing at any time after April 4, 2019 until
the Expiry Date, the closing 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 or is equal to $0.25
over those 20 consecutive trading days, the Company may, at its
sole option, give written notice to the holders of the Warrants
(the "Exercise Notice") that the Warrants will expire at
4:30 p.m. (Vancouver time) on the
earlier of (i) the 30th day following the giving of
the Exercise Notice); and (ii) the Expiry Date, unless exercised by
the holders prior to such date.
The securities issued pursuant to the Private Placement are
subject to a hold period under applicable Canadian securities laws,
expiring on August 5, 2019. The
Private Placement is subject to the final acceptance of the
Exchange.
The Company intends to use the net proceeds of the Private
Placement for, sales and marketing activities in core and new
markets and general working capital.
The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or any State Securities Laws and may not be offered or
sold in the United States or to
the account or benefit of a U.S. person absent an exemption from
the registration requirements of such Act. This release does not
constitute an offer for sale of securities in the United States.
About Global Daily Fantasy Sports Inc.
Global Daily Fantasy Sports Inc. (TSX-V: DFS Frankfurt: 7CR) 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.
For further information, please visit the Company's
website at www.gdfsi.com or contact
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.
Certain statements contained in this press release may
constitute forward-looking statements under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"expects" or "it is expected", or variations of such words and
phrases or statements that certain actions, events or results
"will" occur. Forward looking statements in this press
release include, but are not restricted to, statements regarding
the Company's planned use of the proceeds of the Private Placement
and final acceptance of the Private Placement by the
Exchange.
These forward-looking statements are subject to a number of
risks and uncertainties. Actual results may differ materially from
results contemplated by the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include that the Company does not
receive regulatory acceptance to the Offering. Accordingly
the actual events may differ materially from those projected in the
forward-looking statements. When relying on forward-looking
statements to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and should
not place undue reliance on such forward-looking statements. The
Company does not undertake to update any forward looking
statements, except as may be required by applicable securities
laws.
SOURCE Global Daily Fantasy Sports Inc.