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DraftTeam Daily Fantasy plans C$5 million subscription receipts sale
Offering conducted in conjunction with planned Fantasy Aces merger
By Devika Patel
Knoxville, Tenn., June 12 – DraftTeam Daily Fantasy Sports Corp. said it will raise C$5 million in a private placement of subscription receipts with a 15%, C$750,000 greenshoe. The deal will be conducted in connection and concurrently with the company’s planned merger with Fantasy Aces, LLC.
The receipts will be sold at a price to be determined in the context of the market on a reasonable, best-efforts basis. Each subscription receipt will convert into one common share.
Beacon Securities Ltd. is the lead agent of a syndicate that includes Industrial Alliance Securities Inc. and Salman Partners Inc.
Settlement is expected July 21.
Proceeds will be used to accelerate the combined company’s business plan.
The fantasy sports gaming company is based in Vancouver, B.C.
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