Score Media and Gaming Inc. is pleased to confirm that it has closed its previously announced private placement with a fund managed and controlled by Fengate Asset Management (the “Fund”). The Fund has invested $40,000,000 in theScore to fund the growth and development of the Company’s media and sports betting businesses.
The Fund purchased a $40,000,000 8.00% convertible unsecured subordinated debenture of the Company, due August 31, 2024. A detailed description of the debenture and certain rights granted to the Fund in connection with its investment in the Company is provided in the Company’s press release dated September 3, 2019.
The private placement remains subject to the final acceptance of the TSX Venture Exchange. The debenture and the Class A Shares issuable upon conversion of the debenture will be subject to a statutory hold period expiring January 6, 2020. Upon closing of the private placement, the Fund was paid a one-time upfront fee of $1,500,000.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
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The debenture and the Class A Shares issuable upon conversion of the debenture have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or any applicable securities laws of any state of the United States and may not offered or sold absent such registration or an applicable exemption therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities referenced herein nor may there be any sale of such securities in any jurisdiction, including in the United States, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of any such jurisdiction.