Breaking News: FansUnite Entertainment Announces Closing of Upsized and Oversubscribed $13.4 Million Private Placement Led by Gravitas Securities Due to Strong Investor Demand | Financial Buzz Breaking News: FansUnite Entertainment Announces Closing of Upsized and Oversubscribed $13.4 Million Private Placement Led by Gravitas Securities Due to Strong Investor Demand

Breaking News: FansUnite Entertainment Announces Closing of Upsized and Oversubscribed $13.4 Million Private Placement Led by Gravitas Securities Due to Strong Investor Demand

FansUnite Entertainment Inc. (OTCQB: FUNFF) (CSE: FANS) (“FansUnite” or the “Company“), a technology company providing leading online gaming solutions, is pleased to announce that it has completed its previously announced upsized and oversubscribed private placement of transferable special warrants of the Company (“Special Warrants“) for aggregate gross proceeds of $13,388,120 (the “Offering“). The Offering consisted of a brokered portion (the “Brokered Private Placement“) and a non-brokered portion (the “Non-Brokered Private Placement“) for aggregate gross proceeds of $12,611,250 and $776,870, respectively. Pursuant to the Offering, a total of 21,420,992 Special Warrants, including an aggregate of 2,578,000 Special Warrants issued as a result of the exercise of the agent’s over-allotment option, were sold at a price per Special Warrant of $0.625 (the “Offering Price“).

The Brokered Private Placement was conducted by Gravitas Securities Inc., as lead agent and sole bookrunner (“Gravitas” or the “Lead Agent“) with a syndicate of agents including Haywood Securities Inc. and Mackie Research Capital Corporation (together with the Lead Agent, the “Agents“).

Each Special Warrant entitles the holder thereof to receive one unit of the Company (each, a “Unit“), without payment of additional consideration, with each Unit being comprised of one common share of the Company (a “Common Share“) and one half (1/2) of one transferable Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share“) at an exercise price of $0.78 (“Warrant Exercise Price“) per Warrant Share for a period of 24 months following the closing of the Offering (the “Closing Date“).

The Special Warrants and the Warrants were created and issued pursuant to, and are governed by, the terms of a special warrant indenture and a warrant indenture, respectively, entered into between the Company and Odyssey Trust Company, as indenture trustee, and will be transferable pursuant to the terms of such indentures.

“The successful closing of this upsized financing provides further validation that the global gambling market is seeing a resurgence in demand from investors,” said Scott Burton, CEO of FansUnite. “Despite the headwinds caused by the global pandemic in 2020, we saw consumers adopt and embrace online betting for its ease of access and simplicity. With our seasoned team of gaming operators, global B2C brands, and our industry adopted B2B technology platform, we were able to execute on multiple milestones that delivered value to our customers and shareholders.”

“As we now look to advance our operations globally, we believe this additional capital will allow us to explore strategic initiatives and execute on our vision of becoming a globally recognized iGaming leader.”

The net proceeds raised under the Offering will be used for working capital and general corporate purposes.

As soon as reasonably practicable after the Closing Date, the Company will use commercially reasonable efforts ‎to prepare and file with each of the securities regulatory authorities in each of the provinces of British Columbia, Alberta, Manitoba and Ontario (the “Jurisdictions“), and obtain a receipt for, a final short form prospectus (the “Final Prospectus“), qualifying the distribution of the Special Warrants issued pursuant to the Offering (and, thereby, qualify the distribution of the Common Shares, Warrants and Warrant Shares underlying the Special Warrants), in compliance with applicable securities law, within sixty (60) days from the closing of the Offering.

In the event that the Company has not received a receipt for the Final Prospectus within sixty (60) days following the Closing Date, each unexercised Special Warrant will thereafter entitle the holder thereof to receive upon the exercise thereof, at no additional consideration, one-and-one-tenth (1.10) Unit (instead of one Unit) (the “Penalty Ratio“), provided that nothing shall require the Company to issue fractional Units or Common Shares and Warrant underlying such Units, and any fractions resulting from the application of the Penalty Ratio shall be rounded down to the nearest whole number.

As consideration for its services in connection with the Brokered Private Placement, the Company paid to the Agents a cash commission equal to $931,350 and issued to the Agents a total of 1,490,160 non-transferable agent warrants (the “Agent Warrants“). Each Agent Warrant entitles the holder to purchase one unit of the ‎Company (each, an “Agent Unit“) on the same terms as ‎conditions as the Units, at a price per unit equal to the Offering Price for a period of 24 ‎months from the date of issuance thereof, with each Agent Unit being comprised of ‎one (1) Common Share and one half (1/2) of one non-‎transferable Common Share purchase warrant (each whole warrant, an “Agent Unit ‎Warrant“). Each Agent Unit Warrant shall be exercisable into one Common Share at the Warrant Exercise Price for a period of 24 months from the ‎Closing Date.

Gravitas also provided fiscal advisory services pursuant to the terms of a fiscal advisory agreement (the “Fiscal Advisory Agreement“) with respect to the Non-Brokered Private Placement. Pursuant to the Fiscal Advisory Agreement, the Company paid Gravitas a fiscal advisory fee equal to $49,899.60 and issued to the Lead Agent a total 79,839 advisor warrants (the “Advisor Warrants“). Each Advisor Warrant entitles the holder to purchase one unit of the ‎Company (each, an “Advisor Unit“) on the same terms and conditions as the Units, at a price per unit equal to the Issue Price for a period of 24 months from the date of issuance thereof, with each Advisor Unit being comprised of one (1) common share and one half (1/2) of one non-transferable Common Share purchase warrant (each whole warrant, an “Advisor Unit Warrant“). Each Advisor Unit Warrant shall be exercisable into one Common Share at the Warrant Exercise Price for a period of 24 months from the Closing Date. Gravitas has also been issued non-brokered units (the “Non-Brokered Units“). Each ‎Non-Brokered Unit is comprised of one (1) Common Share and one-half of one (1/2) Common ‎Share purchase ‎warrant (each whole warrant, a “Non-Brokered Unit Warrant“). Each whole Non-Brokered Unit ‎Warrant ‎shall be exercisable into one Common Share at the Warrant Exercise Price for a period of 24 months from the Closing Date. ‎

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the “United States” or to “U.S. persons” (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“)) or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered, and the securities issuable pursuant thereto, have not been, nor will they be, registered under the U.S. Securities Act or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or in compliance with an applicable exemption therefrom.

About FansUnite Entertainment Inc.

FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. FansUnite has produced a one of a kind complete iGaming platform, with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified RNG to produce casino style chance games. The platform operates multiple B2C brands and B2B software for the online gambling industry. FansUnite also looks to acquire technology platforms and assets with high growth potential in new or developing markets.

Sponsored Content Release. Click for Full Disclosure

  • Sponsored Content Release

    FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

    Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the ‘Site’) is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For fansunite entertainment inc. investor relations, video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

  • Sponsored Content Release

    FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

    Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the ‘Site’) is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For fansunite entertainment inc. investor relations, video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.