Business
Global Daily Fantasy Sports Inc. Closes Brokered Financing for Proceeds of $5.75 Million
(via TheNewswire) Vancouver, B.C. - TheNewswire - June 17, 2020 - Global Daily ...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Global Daily Fantasy Sports Inc. Closes Brokered Financing for Proceeds of $5.75 Million(via TheNewswire)\n \n \nVancouver, B.C. - TheNewswire - June 17, 2020 - Global Daily Fantasy Sports Inc. (TSXV:DFS) / (Frankfurt:7CR) (the \"Company\" or \"Global\") is pleased to announce that it has closed its previously announced subscription receipt financing, including the exercise of the Agent's option, of an aggregate of 38,331,588 subscription receipts of the Company (the \"Subscription Receipts\") for aggregate gross proceeds of approximately $5,750,000 (the \"Financing\"). \n\n\n \nThe Subscription Receipts were offered with Beacon Securities Limited (the \"Agent\") acting as agent on a commercially reasonable best efforts basis. Pursuant to the terms of an agency agreement dated June 17, 2020 among the Company, the Agent and Playgon Interactive Inc. (\"Playgon\"), the Company has agreed to pay to the Agent aggregate cash fees of $364,080, 50% of which were paid on the closing of the Financing and the other 50% of which will be payable upon the satisfaction of the escrow release conditions (the \"Escrow Release Conditions\") set out in the subscription receipt agreement dated June 17, 2020 (the \"Subscription Receipt Agreement\") among the Company, the Agent and Computershare Trust Company of Canada, as subscription receipt agent. The Escrow Release Conditions include, among other things, the completion or waiver of all of the conditions precedent to the completion of the acquisition (the \"Acquisition\") of all of the outstanding shares of Playgon, other than the release of the escrowed funds being held pursuant to the terms of the Subscription Receipt Agreement and the closing of the Acquisition. The Agent was also issued 1,171,866 compensation options having the terms described in the Company's press release January 15, 2020. The Company has also agreed to issue 96,960 common shares in the capital of the Company (the \"Compensation Shares\") to the Agent on the closing of the Acquisition, which shares will be issued at a deemed price of $0.15 per share. The Company intends to use the net proceeds of the Financing for Playgon product development and studio launch, to fund Acquisition and Financing expenses and for working capital and general corporate purposes of the Company. The Acquisition is scheduled to close on or about June...