Fandom Sports Closes Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2020) - FANDOM SPORTS Media Corp. (CSE: FDM) (OTCQB: FDMSF) (FSE: TQ43) ("Fandom Sports" or the "Company"), is pleased to announce that it has closed a non-brokered private placement financing for total gross proceeds of $400,450.
The Company has allotted and issued 1,334,832 units at a price of $0.30 per unit. Each unit is comprised of one common share and one transferable share purchase warrant which entitles the holder to purchase one additional common share for a period of five years at a price of $0.50 per share. The warrants are subject to an accelerated expiry in circumstances where, at any time commencing 4 months from the date the warrants are issued, if for the preceding 5 consecutive trading days, the daily volume weighted average trading price of the Company's shares is greater than CAD$0.75, in which case the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th calendar day after the date of such notice.
In addition, the Company has paid a cash finder's fee of $4,000 and issued 32,160 broker's warrants to arm's-length parties. Each broker's warrant is exercisable into one common share for a period of up to two years at a price of $0.30 per share.
The Company intends to use the proceeds raised from the financing for technology development and integration, licencing, and general corporate purposes.
The securities issued in connection with the private placement are subject to a four month hold period as required by applicable securities laws and the policies of the Canadian Securities Exchange.
Directors and Advisors participated for a total of $134,949.80 including $50,000 from CEO, President David Vinokurov.
STOCK OPTION GRANT
The Company has today granted an aggregate of 449,500 stock options to directors, advisors and consultants exercisable at a price of $0.35 per share for a period of 5 years from grant date. The options and the shares issuable on conversion of the options are subject to a four month hold period as required by the policies of the Canadian Securities Exchange.
About FANDOM SPORTS:
"PLAY. PREDICT. GET REWARDED."
FANDOM SPORTS Media is an entertainment company that aggregates, curates and produces unique fan-focused content.
Fandom Esports Platform is all about micro-payments with Blaze blockchain technology that offers unbeatable speed and high industry adaptability. Because of its unparalleled speed and industry-defining structure, using Blaze as a payment structure for Fandom Esports Platform will open up new micro transaction-based revenue opportunities for FANDOM SPORTS.
For additional Information:
Phone +1 604 2566990
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 ###
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