insiders commitment Read this again and even though the shares they bought were cheap they put up almost half a million dollars I would say that is quite a commitment . ALISO VIEJO, CALIFORNIA--(Marketwired - March 31, 2016) - Fantasy Aces Daily Fantasy Sports Corp. (the "Corporation" or "Fantasy Aces") (TSX VENTURE:FAS)(OTC PINK:FASDF) is pleased to announce the closing of the second and final tranche of the previously announced private placement of common shares ("Common Shares") for gross proceeds of $742,600 (the "Share Offering"). The Corporation issued 29,704,000 Common Shares at a price of $0.025 per Common Share as part of this second tranche. The total gross proceeds of the Share Offering equals $1,484,600.
Directors and officers of the Corporation invested a total of $455,000 into the second tranche of the Share Offering for a total of 18,200,000 Common Shares, which highlights their commitment and confidence in both Fantasy Aces and the Daily Fantasy Sports ("DFS") industry. 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).
The Corporation also wishes to announce that it has closed a private placement of convertible debentures ("Debentures") for gross proceeds of $138,460 (the "Debenture Offering"). The Debentures are convertible into Common Shares at a price of $0.05 per Common Share. The Debentures will accrue interest at 24% annually and have a term of one year. The Debentures and accrued interest may be converted into Common Shares at any time at the request of the holder.
Completion of the Share Offering and the Debenture Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including TSXV acceptance. The securities issued pursuant to the Share Offering and the Debenture Offering are subject to a four month hold period. Finders acting in connection with the second tranche of the Share Offering received a finder's fee in the total amount of $675.
Following the closing of the second tranche of the Share Offering, the Corporation has
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