ALISO VIEJO, CALIFORNIA--(Marketwired - Feb. 12, 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 1st tranche of the previously announced financing for gross proceeds of $742,000. The Corporation will issue 29,680,000 common shares at a price of $0.025 per share as part of this closing. The Corporation will now have 112,503,041 common shares outstanding. The common shares issued pursuant to this closing are subject to a four month hold period that expires on June 12, 2016.
FA Media, LLC has subscribed for $525,000, or 21,000,000 common shares, of this initial tranche and as a result has become an insider of the Corporation holding greater than 10% of the issued and outstanding shares of the Corporation which requires TSX Venture Exchange ("TSXV") approval. These funds will be held in escrow until clearance by the TSXV of the FA Media, LLC personal information form.
The Corporation expects to close the second and final tranche of the financing in the near future.
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.com 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. Fantasy Aces also offers a variety of entry fee contest options for its members to play, in addition to free roll tournaments to attract new members to the site. Fantasy Aces charges a management fee from all entry fees collected on the website.
Reader Advisory
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, currency fluctuations,, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Corporation believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Trading in the securities of Fantasy Aces Daily Fantasy Sports Corp. should be considered highly speculative.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.