Vancouver, British Columbia--(Newsfile Corp. - April 1, 2021) - FANDOM SPORTS Media Corp. (CSE: FDM) (OTCQB: FDMSF) (FSE: TQ43) ("FANDOM SPORTS" or the "Company"). Further to its news release on March 25, 2021, the Company is pleased to announce that it has closed the first tranche of its private placement financing of up to 5 million units at $0.24 per Unit (the "Offering") raising gross proceeds of $ 4,297,800. The Company issued a total of 17,907,498 Units at a price of $0.24 per Unit (the "First Tranche"). Each Unit consists of one common share and one common share purchase warrant (the "Warrant") entitling the holder to purchase one additional common share of the Company at a price of $0.36 per common share on or before March 31, 2023.
Proceeds of the Offering will be allocated towards technology development and integration, general corporate purposes and operations in Canada and abroad. Finder's fees of up to 7% consisting of cash, units and broker's warrants will be finalized and announced on Closing of the final tranche of the Offering expected next week.
Participants in the Offering include existing shareholders and strategic investors connected to Esports to assist with value creation for the Company.
In accordance with applicable securities legislation, all securities issued pursuant to closing of the first tranche of the Offering may not be transferred until August 1, 2021.
Stock Options:
The Company has granted an aggregate of 1,400,000 stock option to directors, officers and consultants at an exercise price of $0.37 per common share with a term of five years expiring April 1, 2026. The options vest immediately as per the Company's stock option plan.
"PLAY. PREDICT. GET REWARDED."
About Fandom Sports
Fandom Sports Media is developing and deploying a web application which instantly operates on Android and iOS mobile devices targeting Esports Super Fans. The Company's Unified Information Access platform is active in a private cloud with multilingual support and is targeted towards a global launch of the Fandom's regulated betting and unregulated Esports prediction fan engagement models. Fandom supplies interactive Esports entertainment to Super Fans through purpose-built data interaction.
For additional Information:
Investor Relations
David Vinokurov
CEO and President
Email: info@fandomesports.com
Phone +1 (604) 256 6990
DISCLAIMER:
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond the Company's control. Some of these risks and uncertainties may be described in the Company's corporate filings (posted at www.sedar.com).
The Company has no intention or obligation to update or revise any forward-looking statements due to new information or events. This press release contains forward-looking statements about FANDOM SPORTS. Forward-looking statements may be identified by the use of words like "believe," "expect," "anticipate," "estimate," "plan," "consider," "project," and similar references to the future. Forward-looking statements reflect FANDOM SPORTS' good-faith evaluation of information available at the time the forward-looking statements were made. These forward-looking statements are subject to a number of risks and uncertainties, and our actual results may differ materially from those projected. Please refer to FANDOM SPORTS' annual and quarterly reports filed on SEDAR for a full discussion of those risks and uncertainties we view as most important. Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. We undertake no obligation to update or revise forward-looking statements.
SOURCE FANDOM SPORTS ###
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79250
