FAS corporate update
41 minutes ago by Marketwire Canada
ALISO VIEJO, CALIFORNIA--(Marketwired - Jan 11, 2017) - Fantasy Aces Daily Fantasy Sports Corp. (the "Corporation" or "Fantasy Aces") (TSX VENTURE:FAS)(OTCQB:FASDF) announced today Mr. Robert H. Gates has been appointed a director of Fantasy Aces, subject to the approval of the TSX Venture Exchange ("TSX-V"). Bryan Frisina has resigned from the board of directors, however, he will continue in his role as Vice President, Operations of the Corporation.
Mr. Gates has held senior executive and corporate director roles at Zond Corporation, and its acquirer Enron Wind, and as an executive of its acquirer GE Wind Energy. Mr. Gates has also served as Chief Commercial Officer and on the Intellectual Property Council for Clipper Windpower. During his career Bob has lead the financing of over $7.5 billion in wind energy projects and equipment. Tom Frisina, CEO states: "Bob's operating and capital raising experience will be of immeasurable value to our Board going forward."
The Corporation also announced today that it closed a non-brokered private placement of CDN$449,360 (the "Offering") of debenture units of the Corporation ("Units") at a price of C$1.00 per Unit. The Units are comprised of C$1.00 principal amount of convertible unsecured debentures ("Debentures") and two common share purchase warrants ("Warrants"). The Debentures have a term of 18 months, bear interest at a rate of 12% per annum paid semi-annually in cash and are convertible into common shares ("Common Shares") of the Corporation at the conversion price of $0.05 of the principal amount outstanding until January 5, 2018 and into one common share for each $0.10 of the principal amount outstanding for the period from January 6, 2018 until July 5, 2018. Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.08 per Common Share until July 5, 2018. The securities issued pursuant to the Offering are subject to a statutory four-month hold period from the date of closing. Net proceeds of the Offering will be used for general working capital purposes. The completion of the Offering is subject to the approval of the TSX-V.
In addition, the Corporation has settled outstanding indebtedness of C$26,464 through the issuance of 529,280 Common Shares at a deemed price of $0.05 per Common Share, subject to the approval of the TSX-V.
Early Warning Information
Tom Frisina, Chief Executive Officer of the Corporation, subscribed for C$167,200 of the Units issued pursuant to the Offering. The Corporation has determined that exemptions from the various requirements of the TSX-V Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the Units to Mr. Frisina (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More than 25% of market Capitalization).
Mr. Frisina now owns a total of Debentures in the principal amount of C$167,200, 5,837,000 Common Shares, 4,345,378 convertible limited partnership units and 734,400 warrants, representing approximately 12.1% of the issued and outstanding voting securities of the Corporation on a non-diluted basis and 25.2% of the issued and outstanding securities of the Corporation, assuming conversion of the Debentures, the convertible limited partnership units and exercise of the warrants held by Mr. Frisina. The Units were acquired for investment purposes and Mr. Frisina may increase or decrease his beneficial ownership or control depending on market or other conditions. A copy of the Early Warning Report may be found on www.SEDAR.com.
41 minutes ago by Marketwire Canada
ALISO VIEJO, CALIFORNIA--(Marketwired - Jan 11, 2017) - Fantasy Aces Daily Fantasy Sports Corp. (the "Corporation" or "Fantasy Aces") (TSX VENTURE:FAS)(OTCQB:FASDF) announced today Mr. Robert H. Gates has been appointed a director of Fantasy Aces, subject to the approval of the TSX Venture Exchange ("TSX-V"). Bryan Frisina has resigned from the board of directors, however, he will continue in his role as Vice President, Operations of the Corporation.
Mr. Gates has held senior executive and corporate director roles at Zond Corporation, and its acquirer Enron Wind, and as an executive of its acquirer GE Wind Energy. Mr. Gates has also served as Chief Commercial Officer and on the Intellectual Property Council for Clipper Windpower. During his career Bob has lead the financing of over $7.5 billion in wind energy projects and equipment. Tom Frisina, CEO states: "Bob's operating and capital raising experience will be of immeasurable value to our Board going forward."
The Corporation also announced today that it closed a non-brokered private placement of CDN$449,360 (the "Offering") of debenture units of the Corporation ("Units") at a price of C$1.00 per Unit. The Units are comprised of C$1.00 principal amount of convertible unsecured debentures ("Debentures") and two common share purchase warrants ("Warrants"). The Debentures have a term of 18 months, bear interest at a rate of 12% per annum paid semi-annually in cash and are convertible into common shares ("Common Shares") of the Corporation at the conversion price of $0.05 of the principal amount outstanding until January 5, 2018 and into one common share for each $0.10 of the principal amount outstanding for the period from January 6, 2018 until July 5, 2018. Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.08 per Common Share until July 5, 2018. The securities issued pursuant to the Offering are subject to a statutory four-month hold period from the date of closing. Net proceeds of the Offering will be used for general working capital purposes. The completion of the Offering is subject to the approval of the TSX-V.
In addition, the Corporation has settled outstanding indebtedness of C$26,464 through the issuance of 529,280 Common Shares at a deemed price of $0.05 per Common Share, subject to the approval of the TSX-V.
Early Warning Information
Tom Frisina, Chief Executive Officer of the Corporation, subscribed for C$167,200 of the Units issued pursuant to the Offering. The Corporation has determined that exemptions from the various requirements of the TSX-V Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the Units to Mr. Frisina (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More than 25% of market Capitalization).
Mr. Frisina now owns a total of Debentures in the principal amount of C$167,200, 5,837,000 Common Shares, 4,345,378 convertible limited partnership units and 734,400 warrants, representing approximately 12.1% of the issued and outstanding voting securities of the Corporation on a non-diluted basis and 25.2% of the issued and outstanding securities of the Corporation, assuming conversion of the Debentures, the convertible limited partnership units and exercise of the warrants held by Mr. Frisina. The Units were acquired for investment purposes and Mr. Frisina may increase or decrease his beneficial ownership or control depending on market or other conditions. A copy of the Early Warning Report may be found on www.SEDAR.com.