/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Aug. 25, 2020 /CNW/ - Score Media and Gaming Inc.
("theScore" or the "Company") (TSXV: SCR) is pleased
to announce that it has closed its previously announced bought deal
offering via short-form prospectus (the "Offering").
Canaccord Genuity Corp. and Eight Capital acted as lead
underwriters for the Offering on behalf of a syndicate of
underwriters which also included Cormark Securities Inc., INFOR
Financial Inc. and Scotia Capital Inc. (collectively, the
"Underwriters"), whereby the Underwriters purchased
38,500,000 Class A Subordinate Voting Shares of the Company (the
"Initial Shares", and each, an "Initial Share") at a
price of $0.65 per Initial Share (the
"Issue Price") for gross proceeds of $25,025,000.
theScore has granted the Underwriters an option (the
"Over-Allotment Option"), exercisable at any time, in whole
or in part, until the date that is 30 days following the date
hereof, to purchase up to an additional 5,775,000 Class A
Subordinate Voting Shares of the Company (the "Additional
Shares", and each, an "Additional Share", and together
with the Initial Shares, the "Offered Shares") at the Issue
Price per Additional Share solely to cover over-allotments, if any,
and for market stabilization purposes. The Company has received
conditional approval from the TSX Venture Exchange (the
"TSXV") to list the Offered Shares on the TSXV.
The net proceeds from the Offering will be used to fund working
capital and other general corporate purposes, including the
continued growth and expansion of theScore Bet's operations in
the United States and Canada by supporting the multi-jurisdiction
deployment and operation of theScore Bet and user acquisition and
retention in jurisdictions where the Company is, or will be,
operating.
In connection with the Offering, the Company will pay the
Underwriters a cash commission equal to 6% of the gross proceeds of
the Offering, including any Additional Shares sold pursuant to the
exercise of the Over-Allotment Option.
The Offered Shares have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws.
Accordingly, the Offered Shares may not be offered or sold within
the United States, its territories
or possessions, any state of the United
States or the District of
Columbia (collectively, the "United States") except in transactions
exempt from the registration requirements of the U.S. Securities
Act and applicable state securities laws. This press release does
not constitute an offer to sell or a solicitation of an offer to
buy any Offered Shares within the United
States.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Score Media and Gaming Inc.
Score Media and
Gaming Inc. empowers millions of sports fans through its digital
media and sports betting products. Its media app 'theScore' is one
of the most popular in North
America, delivering fans highly personalized live scores,
news, stats, and betting information from their favorite teams,
leagues, and players. The Company's sports betting app 'theScore
Bet' delivers an immersive and holistic mobile sports betting
experience and is currently available to place wagers in
New Jersey. Publicly traded on the
TSX Venture Exchange (SCR), theScore also creates and distributes
innovative digital content through its web, social and esports
platforms.
Forward-Looking Statements
Statements made in this
news release that relate to future plans, events or performances
are forward-looking statements. Any statement containing words such
as "may", "would", "could", "will", "believes", "plans",
"anticipates", "estimates", "expects" or "intends" and other
similar statements which are not historical facts contained in this
release are forward-looking, and these statements involve risks and
uncertainties and are based on current expectations.
Forward– looking statements include, without limitation,
statements regarding the anticipated use of proceeds of the
Offering. Such statements reflect theScore's current views with
respect to future events and are subject to certain risks,
uncertainties and assumptions. Many factors could cause the
Company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by such forward
looking statements, including among other things, those which are
discussed under the heading "Risk Factors" in the Company's current
Annual Information Form dated October 23,
2019 as filed with applicable Canadian securities regulatory
authorities and available on SEDAR under the Company's profile at
www.sedar.com and elsewhere in documents that theScore files from
time to time with such securities regulatory authorities, including
its relevant Management's Discussion & Analysis of the
financial condition and results of operations of the Company.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results could differ materially from the
expectations expressed in these forward-looking statements. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements except as required by
applicable law or regulatory requirements.
SOURCE Score Media and Gaming Inc.
