TheScore Announces Exercise of Over-Allotment Option
CNW Group - CND - 46 minutes ago
Score Media and Gaming Inc. (TSX:SCR.TO) ("theScore" or the "Company"), has announced that the underwriters of its previously announced bought deal offering via short-form prospectus (the "Offering") have exercised their over-allotment option in full, resulting in the issue of an additional 4,285,800 Class A Subordinate Voting Shares ("Class A Shares") of the Company at a price of $1.40 per Class A Share. The exercise of the over-allotment option brings the total gross proceeds of the Offering to $46,000,920 through the issue of an aggregate of 32,857,800 Class A Shares (the "Offered Shares"). Canaccord Genuity Corp. and Eight Capital acted as lead underwriters for the Offering on behalf of a syndicate of underwriters which also included Cormark Securities Inc., INFOR Financial Inc. and Scotia Capital Inc.
The net proceeds from the Offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet's operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where the Company is, or will be, operating.
The Offered Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, the Offered Shares may not be offered or sold within the United States, its territories or possessions, any state of the United States or the District of Columbia (collectively, the "United States") except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Offered Shares within the United States.