FANDOM SPORTS Media Corp. Completes Oversubscribed Non-Brokered Private Placement for Gross Proceeds of $752,290
Vancouver, British Columbia–(Newsfile Corp.- April 20, 2020) – FANDOM SPORTS Media Corp.(CSE: FDM) (OTCQB: FDMSF) (FSE: TQ43) (“FANDOM SPORTS” or the “Company”), is pleased to announce that it has closed its private placement financing (the “Offering”) raising total gross proceeds of $752,290.The Company issued a total of 10,590,000 units (the “Units”) at a price of $0.05 per Unit.Each Unit consists of one common share and one half of one common share purchase warrant (the “Warrant”) where each full Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.07 per common share on or before April 19, 2021.
Gross proceeds of the Offering included settling an aggregate of $222,790 in outstanding debt with the issuance of 4,455,805 common shares at a deemed price of $0.05 per share and 1,264,000 warrants also exercisable at $0.07 per common share on or before April 19, 2021.
Proceeds of the Offering will be allocated towards completion of the Esports application released on Fandom Esports Platform, recruitment of separate Esports-focused talent to cover product, service, operations in Canada, and General corporate purposes.There were no finders’ fees paid in connection with the Offering.Two insiders of the Company settled outstanding debt by receiving an aggregate of 3,185,800 common shares and 864,000 common share purchase warrants.
Upon closing of the Offering the outstanding common shares of the Company total 31,213,539 and on a fully diluted basis totals 39,692,539.
Participants in the Offering included 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 the Offering may not be transferred until August 21, 2020.
About FANDOM SPORTS:
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:
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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/54673.