Vancouver, B.C. - TheNewswire – June 11, 2020 – Global Daily Fantasy Sports Inc. (TSXV:DFS) / (Frankfurt:7CR) (the “Company”) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (“TSXV”) for the acquisition of Playgon Interactive Inc. (“Playgon”) as previously announced in the Company’s news release dated December 2, 2019 (the “Acquisition”).  The Company expects to complete the Financing (as defined below) on or about June 17, 2020 (the “Closing Date”), and to complete the closing of the Acquisition on or about June 19, 2020.  The outside date for closing the Acquisition has been extended to June 30, 2020.

 

By news releases issued on January 15, 2020 and April 23, 2020, the Company announced a financing of up to 33,333,334 subscription receipts (each, a “Subscription Receipt”) at a price of $0.15 per Subscription Receipt for aggregate gross proceeds to the Company of up to $5,000,000 (the “Financing”) (excluding an overallotment option for up to an additional $750,000).  Due to strong investor demand Beacon Securities Limited (the “Agent”) is expected to exercise its overallotment option for total gross proceeds under the Financing of approximately $5,750,000. In connection with the completion of the Financing, certain non-insider existing shareholders of the Company (the “Selling Shareholders”) have agreed to collectively sell 5,015,000 common shares of the Company through the facilities of the TSXV at a price of $0.15 per share, to certain third party investors, with the proceeds of such sale being used by the Selling Shareholders to purchase $752,250 of Subscription Receipts under the Financing.

 

Details of the Agent’s compensation for the Financing are set out in the Company’s press release dated January 15, 2020.  The Company has agreed to pay a portion of the 7% cash fee due to the Agent by the issuance on the closing date of the Acquisition of 96,960 common shares in the capital of the Company, which shares will be issued at a deemed price of $0.15 per share.  All other compensation remains as previously disclosed.

Certain directors of the Company may participate in the Financing and their participation will constitute related party transactions pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company will be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the participation of the insiders in the Financing in reliance on the exemptions contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively. The Company will obtain approval by the board of directors of the Company to the Financing, with the participating insiders of the Company declaring and abstaining from voting on the resolutions with respect to their participation in the Financing.

 

About Playgon Interactive Inc.  

Playgon is a technology company devoted to leading the innovation curve in Live Dealer Casino gaming, featuring an unrivalled mobile platform. With its 12,000 sq. ft state of the art broadcasting studio streaming live from Las Vegas, the gaming capital of the world, Playgon is providing the ultimate in interactive entertainment with first-to-market products and mobile-first strategies that are years’ ahead of the competition. Its cutting-edge technology and operational best practices make Playgon the best possible partner for online casinos looking to the future.

Playgon’s Live Dealer Casino games cover the classic and most played casino favorites, from Roulette and Blackjack to Baccarat and Casino Hold’em with new in game features and functionality to boost online casino revenues, such as bonus features, side bets, tournament functionality and other promotional tools.

 

For further information, please visit the Company's website at www.playgon.com.

 

About Global Daily Fantasy Sports Inc.

 

Global Daily Fantasy Sports Inc. (TSXV: DFS) (FSE: 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.

Global Daily Fantasy Sports Inc.

Per:        “Darcy Krogh”

Darcy Krogh, President and CEO

For further information, contact:

Mike Marrandino, Director

Tel: (604) 722-5225

Email: mike@gdfsi.com

 

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 completion of the Acquisition and the Financing, receipt of regulatory and shareholder approvals required for completion the Acquisition and receipt of regulatory approvals required for completion of the Financing.

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 Acquisition does not complete, the Company fails to satisfy the escrow release conditions prior to the release deadline in connection with the Financing and the Company does not receive regulatory acceptance to the Financing.  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.

 

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