www.stockwatch.com/News/Item/Z-C!FDM-3058041/C/FDM
2021-04-01 16:37 ET - News Release
Mr. David Vinokurov reports
FANDOM SPORTS MEDIA CORP. CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $ 4,297,800
Further to its news release on March 25, 2021, Fandom Sports Media Corp. has closed the first tranche of its private placement financing of up to five million units at 24 cents per unit, raising gross proceeds of $4,297,800. The Company issued a total of 17,907,498 Units at a price of $0.24 per Unit (the "First Tranche"). Each Unit consists of one common share and one common share purchase warrant (the "Warrant") entitling the holder to purchase one additional common share of the Company at a price of $0.36 per common share on or before March 31, 2023.
Proceeds of the Offering will be allocated towards technology development and integration, general corporate purposes and operations in Canada and abroad. Finder's fees of up to 7% consisting of cash, units and broker's warrants will be finalized and announced on Closing of the final tranche of the Offering expected next week.
Participants in the Offering include 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 closing of the first tranche of the Offering may not be transferred until August 1, 2021.
Stock Options
The Company has granted an aggregate of 1,400,000 stock option to directors, officers and consultants at an exercise price of $0.37 per common share with a term of five years expiring April 1, 2026. The options vest immediately as per the Company's stock option plan.