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Fantasy Aces Daily Fantasy Sports Corp. Announces Closing of Shares for Debt Private Placement
Fantasy Aces Daily Fantasy Sports Corp. Announces Closing of Shares for Debt Private Placement.
About this update from Fantasy Aces Daily Fantasy Sports C
[{"type":"text","content":"\n \n \n Fantasy Aces Daily Fantasy Sports Corp. Announces Closing of Shares for Debt Private Placement\n \n \nFantasy Aces Daily Fantasy Sports Corp. Announces Closing of Shares for Debt Private Placement\n \n ALISO VIEJO, CALIFORNIA--(Marketwired - May 11, 2016) - Fantasy Aces Daily Fantasy Sports Corp. (the \"Corporation\" or \"Fantasy Aces\") (TSX VENTURE:FAS) (OTC PINK:FASDF) announced today that it closed the previously announced settlement of outstanding indebtedness of $1,695,391.83 through the issuance of 67,815,673 common shares of the Corporation (\"Common Shares\") at a deemed price of $0.025 per Common Share (the \"Debt Settlement\"). The Common Shares issued in connection with the Debt Settlement are subject to a four month hold period that expires on September 12, 2016. \n The Corporation settled outstanding indebtedness to certain directors and officers of the Corporation in the aggregate amount of $689,000 through the issuance of 27,560,000 Common Shares pursuant to the Debt Settlement. The Corporation has determined that exemptions from the various requirements of the TSX Venture Exchange (\"TSXV\") Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the Common Shares to the directors and officers of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More than 25% of market Capitalization). \n Following the closing of the Debt Settlement, the Corporation has 210,022,714 Common Shares issued and outstanding. As a condition to the TSXV's acceptance of the Debt Settlement, the Corporation has agreed to complete the consolidation of its Common Shares on a ratio of at least one post-consolidation Common Share for every two pre-consolidation Common Shares on or before August 31, 2016. Further information with respect to the share consolidation will be provided a future news release.\n Early Warning Information \n The Corporation settled outstanding indebtedness to Tom Frisina, the Chief Executive Officer of the Corporation, in the amount of $354,000 through the issuance of 14,160,000 Common Shares pursuant the Debt Settlement. Mr. Frisina now owns a total of 29,185,000 Common Shares, 21,726,897 convertible limited partnership units and 2,000,000 warrants, representing approximately 13.9% of the issued and outstanding voting...