VANCOUVER, March 12, 2019 /CNW/ - Global Daily Fantasy
Sports Inc. (TSX-V: DFS / Frankfurt: 7CR) ("Global" or the
"Company"), is pleased to announce that it intends to raise gross
proceeds of up to $1,500,000 through
a non-brokered private placement (the "Offering") of 15,000,000
units (the "Units") of the Company at a price of $0.10 per Unit. Each Unit will consist of one (1)
common share and one common share purchase warrant (a "Warrant").
Each Warrant will entitle the holder to purchase one common share
of the Company for a period of 12 months from the closing date of
the Offering (the "Closing Date") at an exercise price of
$0.20 per Warrant. The expiry
date of the Warrants may, at the Company's option, be accelerated
if at any time between the Closing Date and the expiry date of the
Warrants, the common shares of the Company trade at or above
$0.25 for a period of 20 consecutive
trading days on the TSX Venture Exchange (the "TSXV") or such other
stock exchange where the Company's common shares are listed.
The Offering is subject to all necessary regulatory approvals,
including the TSXV. The securities being issued in the Offering
will be subject to a four-month hold period in accordance with
applicable Canadian securities laws. The Company may pay a finder's
fee at their discretion to arm's length parties involved in the
financing. The Company intends to use the net proceeds of the
Offering for continued sales and marketing of it dotcom DFS (daily
fantasy sports) network and general working capital.
Global is pleased to announce the appointment of Jason Meretsky to the Company's Board of
Directors. Mr. Meretsky is a business lawyer with over 20
years of M&A transactional and operational experience for
private and public companies. Since 2009, Mr. Meretsky has
practiced corporate and securities law at his own firm, Meretsky
Law Firm, principally focussed on capitalizing and structuring
earlier stage companies. Prior thereto, Mr. Meretsky
participated in various other entrepreneurial pursuits, including
serving as Executive Vice President, Corporate Development of an
online media company (2008-2009) and Vice President and General
Counsel of a public enterprise technology company
(2004-2008). Prior thereto, Mr. Meretsky practiced corporate
and securities law as a partner with a Toronto based full-service law firm. Mr.
Meretsky completed the Joint J.D./M.B.A. Program from the Schulich
School of Business at York University
and from Osgoode Hall Law School and is a member in good standing
of the Law Society of Ontario.
Mr. Meretsky will replace Mr. Nick
Demare, who has resigned as a director of the Company. The
Board thanks Mr. Demare for his contributions during his tenure
with the Company and we wish him the best in his future
endeavours
ON BEHALF OF THE BOARD OF DIRECTORS.
Darcy Krogh; President and CEO
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.
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.