Global Daily Fantasy Sports closes the second tranche of private placement
Global Daily Fantasy Sports announce the closure of the second tranche of private placement financing announced in the Company’s news release dated March 12, 2019.
In this second tranche 3,400,000 units were issued at a price of $0.10 per Unit for gross proceeds of approximately $340,000. Each Unit is composed of one common share of the Company and one non-transferable common share purchase warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 until July 17, 2020. Notwithstanding the above, if over a period of 20 consecutive trading days commencing at any time after July 17, 2019 until the Expiry Date, the closing price of the common shares of the Company on the TSX Venture 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 that the Warrants will expire at 4:30 pm on the earlier of the 30th day following the giving of the Exercise Notice; and the Expiry Date, unless exercised by the holders prior to such date.
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.