Business
Global Daily Fantasy Sports Inc. Provides COVID-19 And Playgon Acquisition/ Financing Transaction Update
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2020) -   Global Daily Fantasy S...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Global Daily Fantasy Sports Inc. Provides COVID-19 And Playgon Acquisition/ Financing Transaction UpdateVancouver, British Columbia--(Newsfile Corp. - March 31, 2020) -  Global Daily Fantasy Sports Inc. (TSXV: DFS) (FSE: 7CR) (\"Global\" or the \"Company\") is providing a business update and its response plan to the COVID-19 crisis.The Company's first responsibility and priority is for the health and safety of its staff. Accordingly, Global has implemented a work- from-home policy in order to promote social distancing. These policies will remain active for the foreseeable future. Fortunately, as a digital business, our staff have the ability to work from home with minimal impact to carrying out its business activities. Due to the severity and uncertainty of the current economic climate impacted by COVID-19, the Company has taken steps to reduce all non-essential business expenses. This has resulted in certain reductions to the Company's development resources and the Company intends to revisit its staffing needs after completion of its previously announced acquisition (the \"Transaction\") of Playgon Interactive Inc. (\"Playgon\"). Global previously announced on January 15, 2020 that it intended to complete a financing transaction 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 of up to $5,000,000 (the \"Financing\") in connection with closing of the Transaction. Due to the current unprecedented financial turmoil in the financial markets caused by the COVID-19 pandemic, along with regulatory approval delays, the closing of the Financing and Transaction has been further extended to on or before June 1, 2020, subject to the acceptance of the TSX Venture Exchange.Global and Playgon remain very committed to completing the Transaction as soon as reasonably possible, given the synergistic benefits. The online casino industry growth rates are accelerating as a result of these difficult times of public lockdowns and shutdown of land-based casinos and betting shops, globally. The recent events have only validated the need for any land-based gaming business to adopt or escalate their digital strategies to mitigate such business risks in the future.Darcy Krogh, CEO of Global, comments; \"This has been an extremely difficult environmen...