Mr. Michael Young reports
DRAFTTEAM ANNOUNCES SIX HUNDRED THOUSAND DOLLAR NON-BROKERED PRIVATE PLACEMENT
DraftTeam Fantasy Sports Inc. has arranged a non-brokered private placement of up to six million units of the company at a price of 10 cents per unit for proceeds of up to $600,000. Each unit will comprise one common share and one-half of one share purchase warrant. Each whole warrant will be exercisable into an additional common share at a price of 15 cents per share for a period of 12 months, subject to forced acceleration, whereby the exercise period of the warrants can be shortened to 30 days in the event that the company's shares close at a price of 25 cents or higher per share on the Canadian Securities Exchange (or such other stock exchange as the majority of the trading volume of the company's shares occur) for 10 consecutive trading days. The proceeds from this financing will be used for general working capital.
In connection with this financing, the company will pay a finder's fee to eligible finders in accordance with regulatory policies. The above financing is subject to regulatory approval.
We seek Safe Harbor.
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