Just out Gates appointed led over $7.5 billion in financings Fantasy Aces Daily Fantasy appoints Gates to board
2017-01-11 12:16 ET - News Release
Mr. Tom Frisina reports
FANTASY ACES DAILY FANTASY SPORTS CORP. PROVIDES CORPORATE UPDATE
Fantasy Aces Daily Fantasy Sports Corp. has appointed Robert H. Gates as a director of Fantasy Aces, subject to the approval of the TSX Venture Exchange. 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 Corp. 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 Mr. Gates has led the financing of over $7.5-billion in wind energy projects and equipment. Tom Frisina, chief executive officer, stated, "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 $449,360 of debenture units of the corporation at a price of $1.00 per unit. The units comprises $1.00 principal amount of convertible unsecured debentures and two common share purchase warrants. The debentures have a term of 18 months, bear interest at a rate of 12 per cent per annum paid semi-annually in cash and are convertible into common shares of the corporation at the conversion price of five cents of the principal amount outstanding until Jan. 5, 2018, and into one common share for each 10 cents of the principal amount outstanding for the period from Jan. 6, 2018, until July 5, 2018. Each warrant entitles the holder thereof to purchase one common share at a price of eight cents 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 Venture Exchange.
In addition, the corporation has settled outstanding indebtedness of $26,464 through the issuance of 529,280 common shares at a deemed price of five cents per common share, subject to the approval of the TSX-V.
Early warning information
Tom Frisina subscribed for $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 Tom Frisina (formal valuation -- issuer not listed on specified markets; minority approval -- fair market value not more than 25 per cent of market capitalization).
Tom Frisina now owns a total of debentures in the principal amount of $167,200, 5,837,000 common shares 4,345,378 convertible limited partnership units and 734,400 warrants, representing approximately 12.1 per cent of the issued and outstanding voting securities of the corporation on a non-diluted basis and 25.2 per cent 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 Tom Frisina. The units were acquired for investment purposes and Tom 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 SEDAR.
About Fantasy Aces
Fantasy Aces is a leading DFS (daily fantasy sports) site focused on everyday skill-based fantasy sports games. Fantasy Aces has developed proprietary software which allows users to create fantasy teams from the player rosters of actual sports leagues and then use their teams to compete against other users in various categories such as points scored, yards gained, goals, assists or home runs registered, depending on the specific sport. The FantasyAces website currently offers daily and weekly skill-based fantasy sports games for six major North American sports, including the NFL, NBA, NHL, MLB, college football and the PGA.