Business
Global Daily Fantasy Sports Inc. Provides Update on Current Financing and Other Corporate Matters
Vancouver, British Columbia--(Newsfile Corp. - April 23, 2020) -  Global Daily Fantasy S...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Global Daily Fantasy Sports Inc. Provides Update on Current Financing and Other Corporate MattersVancouver, British Columbia--(Newsfile Corp. - April 23, 2020) -  Global Daily Fantasy Sports Inc. (TSXV: DFS) / (FSE: 7CR) (\"Global\" or the \"Company\") announced today certain updates in connection with recent corporate matters and the Company's previously announced 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\").The Company has added a common share purchase warrant (a \"Warrant\") to the securities issuable upon exercise of the Subscription Receipts. For further clarity, upon the satisfaction or waiver of the escrow release conditions as described in the Company's press release dated January 15, 2020 (such date being the \"Escrow Release Date\"), each Subscription Receipt will, without payment of any additional consideration and without further action on the part of the holder thereof, now be automatically exercisable into one common share in the capital of the Company and one Warrant. Each Warrant will entitle the holder thereof to purchase one common share in the capital of the Company (each, a \"Warrant Share\") at an exercise price of $0.215 per Warrant Share at any time during the period commencing on the Escrow Release Date and ending on the date which is 18 months from the Escrow Release Date. The expiry date of the Warrants may, at the Company's option, be accelerated if at any time between the date that is four months and one day following the closing date of the Financing and the expiry date of the Warrants, the common shares of the Company trade at a closing price of $0.30 or above for a period of 20 consecutive trading days on the TSX Venture Exchange or such other stock exchange where the Company's common shares are listed.COVID ReliefOn March 23, 2020, the Canadian Securities Administrators issued a notice stating that securities regulators will be providing co-ordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020, as a result of the COVID-19 pandemic. As such, the B.C. Securities Commission has enacted B.C. Instrument 51-515, Temporary Exemption from Certain Corporate Fina...