Millennial Esports Corp. Closes First Tranche of Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwired - July 18, 2017) - Millennial Esports Corp. ("Millennial Esports" or the "Company") (TSX VENTURE:GAME) is pleased to announce it has closed the first tranche of its previously announced non-brokered private placement of up to 7,758,621 units (the "Units") at a price of $0.58 per Unit (the "Offering") for gross proceeds of up to $4,500,000.

Aggregate proceeds of $3,872,733.66 were raised and 6,677,127 Units were issued on the closing of this first tranche of the Offering. The second and final tranche of the Offering is expected to close on or before July 24, 2017, upon receipt of the balance of subscription documentation and funds.

Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional share of the Company for a period of 18 months from the date of issuance at a price of $0.72 per share. In the event that the Company's shares trade at a closing price of greater than $1.50 per share for a period of 30 consecutive trading days at any time after nine months after the closing of the relevant tranche of the Offering, the Company may accelerate the expiry date of the Warrants by providing notice to the shareholders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

All securities issued under the Offering are subject to a hold period of four months and one day from the closing of the relevant tranche of the Offering.

This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Millennial ESports Corp.:

Millennial Esports owns and operates "thE Arena", Las Vegas' first permanent Esports Arena and studio. "thE Arena" is a state of the art 15,000 square foot facility located on world famous Fremont Street, at the Neonopolis, in the heart of Downtown Las Vegas.

Millennial Esports also owns and operates streamhatchet.com, a data analytics company that provides meaningful analytics and business intelligence for those persons and entities involved in video game streaming.

Millennial Esports also recently announced it is acquiring Ideas+Cars, a global Esports and racing company based in the United Kingdom, which is expected to close in the next few weeks.

The Company operates millennialesports.gg, an Esports platform and online community, which provides gamers with a variety of online competitions, leagues and ladders, giving them an opportunity to win prizes and garner recognition within the global Esports community. In addition, the Company provides turnkey solutions to give game publishers, consumer brands and other partners exposure and influence on a targeted audience, thereby enabling them to generate new revenue streams by leveraging this unique and highly sought after global demographic.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.