Business
Global Daily Fantasy Sports Inc. Engages Beacon Securities Limited for Brokered Private Placement of up to $5 Million
Vancouver, British Columbia--(Newsfile Corp. - January 15, 2020) - Global Daily Fantasy Sports...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Global Daily Fantasy Sports Inc. Engages Beacon Securities Limited for Brokered Private Placement of up to $5 MillionVancouver, British Columbia--(Newsfile Corp. - January 15, 2020) - Global Daily Fantasy Sports Inc. (TSXV: DFS) (FSE: 7CR) (\"Global\" or the \"Company\") is pleased to announce, in connection with the Company's proposed acquisition (the \"Transaction\") of Playgon Interactive Inc. (\"Playgon\") as announced by news release dated December 2, 2019 and updated below, that it has entered into an engagement agreement with Beacon Securities Limited (the \"Agent\") to conduct a brokered private placement on a commercially reasonable best efforts basis of up to 33,333,334 subscription receipts (each, a \"Subscription Receipt\") of the Company at a price of $0.15 (the \"Issue Price\") per Subscription Receipt for aggregate gross proceeds to the Company of up to $5,000,000 (the \"Offering\").The Agent has been granted an option (the \"Agent's Option\") to increase the size of the Offering by up to an additional 5,000,000 Subscription Receipts, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering (the \"Closing Date\"), for additional aggregate gross proceeds to the Company of up to $750,000. In the event that the Agent's Option is exercised in full, the aggregate gross proceeds raised by the Company will be $5,750,000. Each Subscription Receipt will entitle the holder thereof, provided that the Escrow Release Conditions (as defined below) have been satisfied or waived by the Agent prior to the Release Deadline (as defined below), to receive on the Closing Date one common share in the capital of the Company (a \"Common Share\") without payment of any additional consideration and without further action on the part of the holder. The Subscription Receipts will be issued pursuant to a subscription receipt agreement (the \"Subscription Receipt Agreement\") to be entered into among the Company, the Agent and a subscription receipt agent to be determined. Pursuant to the Subscription Receipt Agreement, the gross proceeds from the Offering, less 50% of the Agent's Fee (as defined below) and the expenses of the Agent (the \"Escrowed Funds\"), will be held in escrow pending satisfaction of certain escrow release conditions (the \"Escrow Release Conditions\"), including: (i) all necessa...