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    FANS   CA30727R1091

FANSUNITE ENTERTAINMENT INC.

(FANS)
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FansUnite Entertainment Files Preliminary Short Form Prospectus in Connection with a Unit Offering Co-Led by Stifel GMP and Gravitas Securities

06/22/2021 | 06:55pm EDT

Vancouver, British Columbia--(Newsfile Corp. - June 22, 2021) - FansUnite Entertainment Inc. (CSE: FANS) ("FansUnite" or the "Company"), a technology company providing leading online gaming solutions, is pleased to announce that it has filed a preliminary short form prospectus (the "Prospectus") with respect to an offering (the "Offering") of units ("Units") at a price of $0.90 per Unit for gross proceeds of up to $10 million. Each Unit will consist of one common share of the Company (a "Unit Share") and one-half of a common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant Share") at a price of $1.30 per Warrant Share for a period of 36 months following the closing of the Offering.

The Offering is being conducted on a commercially reasonable efforts basis by Stifel GMP and Gravitas Securities (together, the "Co-Lead Agents") in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario (the "Offering Jurisdictions").

The Company has granted to the Co-Lead Agents an option to increase the size of the Offering by up to 15.0%, exercisable in whole or in part at any time for a period of 30 days after and including the closing date of the Offering.

The use of proceeds from the Offering is set out in the preliminary short form prospectus and includes:

  • developing additional innovative games under the Askott Games brand;
  • certifying the Chameleon Software Platform for use in the United Kingdom, as well as expanding the Company's footprint in the United States;
  • launching and marketing of a new business-to-consumer brand; and
  • entering into new partnerships and increasing brand awareness‎.

The Company has applied to list the Unit Shares and the Warrant Shares on the Canadian Securities Exchange (the "CSE"). There is no established trading market for the Warrants and the Company does not expect a market to develop. A copy of the Prospectus is available under the Company's profile at www.sedar.com or by request to Stifel GMP at syndprospectus@stifel.com or to Gravitas Securities. at syndication@gravitassecurities.com. The Offering is subject to certain customary conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the CSE and the issuance of a receipt for the Company's final prospectus by each of the securities commissions of the Offering Jurisdictions.

The securities being offered have not been, nor will they be, registered under the United States Securities ‎Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be ‎offered or sold to, or for the account or benefit of, a person in the United States or a "U.S. person" (as ‎such term is defined in Regulation S under the U.S. Securities Act) absent registration or an applicable ‎exemption from such registration requirements. 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 jurisdiction in which ‎such offer, solicitation or sale would be unlawful.‎

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.

For further information, please contact:

Prit Singh - Investor Relations
ir@fansunite.com
(905) 510-7636

Scott Burton - Chief Executive Officer
scott@fansunite.com

Darius Eghdami - President
darius@fansunite.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Company, including expectations and assumptions regarding the terms, timing and potential completion of the Offering, satisfaction of regulatory requirements in various jurisdictions and the use of the net proceeds of the Offering, including but not limited to: developing additional innovative games under the Askott Games brand;‎ certifying the Chameleon Software Platform for use in the United Kingdom, as well as expanding the ‎Company's footprint in the United States;‎ launching and marketing of a new business-to-consumer brand; and entering into new partnerships and increasing brand awareness‎.‎ Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88356


ę Newsfilecorp 2021
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Financials
Sales 2020 1,56  1,23  1,23 
Net income 2020 -13,5 M -10,6 M -10,6 M
Net cash 2020 3,82 M 3,01 M 3,01 M
P/E ratio 2020 -7,70x
Yield 2020 -
Capitalization 181 M 143 M 143 M
EV / Sales 2019 -
EV / Sales 2020 107 490 198x
Nbr of Employees 33
Free-Float 94,4%
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Managers and Directors
Scott Burton Chief Executive Officer & Director
Darius Eghdami President & Director
Graeme Moore Chief Financial Officer & Secretary
Jeremy Hutchings Chief Technology Officer
Ian Winter Chief Operating Officer
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