THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Millennial Esports Corp. ("Millennial" or the "Company") (TSX VENTURE:GAME) announces that it has closed the second tranche of its previously announced non-brokered offering of equity units of Millennial ("Equity Units") at a price of $0.70 per Equity Unit (the "Private Placement"). The Company issued 1,487,817 Equity Units in the second tranche for a total with the first tranche of 18,804,075 Equity Units and gross proceeds of $13,162,852.
Each Equity Unit is comprised of one (1) common share of Millennial and one-half of one (1/2) common share purchase warrant of Millennial (a "Warrant"). Each whole Warrant entitles the holder to acquire one (1) common share of Millennial for a period of 24 months from the date of issuance of the Warrant at an exercise price of $1.20 per share.
The Company paid certain finder's fees to eligible parties in connection with the Private Placement: cash totaling $72,903 and 104,147 finder warrants, each finder warrant exercisable into a common share of the Company for a period of 24 months at $1.20 per share.
The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Millennial Esports Corp.:
Millennial Esports Corp. is a mobile video game publisher focused on Esports and Racing. The company also provides turnkey global solutions that cover gaming technology and studios, event management, research and analytics, content production, and broadcasting, through its various subsidiaries.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
This news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “expect,” “intend” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to business strategy, future operations, prospects, plans and objectives of management, as well as information concerning expected actions of third parties. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements.
The forward-looking statements are based on management's current expectations and should not be construed in any manner as a guarantee that such results will in fact occur or will occur on the timetable contemplated hereby. All forward-looking statements speak only as of the date of this news release and Millennial Esports undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
In addition to risks and uncertainties associated with ordinary business operations, the forward-looking statements contained in this news release are subject to other risks and uncertainties, including completion of the announced transactions; the accuracy of all projections; and other factors and uncertainties disclosed from time-to-time in Millennial Esports filings on SEDAR.com, which could cause actual future performance to differ from current expectations.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Director, Communication Strategy
CEO and Director