Toronto-based digital sports platform theScore Inc (TSX-V: SCR) has launched a private placement offering intended to generate $8.5 million in proceeds.
Relay Ventures, a Canadian mobile venture capital firm that has backed theScore since 2013, will invest in the offering.
The family of John Levy, the company’s founder and CEO, will also invest.
The proceeds will be used to “capitalize on the introduction of legalized sports betting in the United States,” Levy said.
Formerly part of Score Media Inc, theScore’s flagship mobile sports news and data app, theScore, serves millions of fans on a monthly basis.
theScore Announces $8.5 Million Non-brokered Private Placement
TORONTO, Oct. 30, 2018 /CNW/ – theScore, Inc. (TSX Venture: SCR) (“theScore” or the “Company”) is pleased to announce its intention to complete a non-brokered private placement (the “Offering”) of 36,956,522 Class A Subordinate Voting Shares of the Company (“Class A Shares”) at a price of $0.23 per Class A Share for gross proceeds of $8,500,000. Closing of the Offering is expected to occur on or about November 6, 2018.
The net proceeds from the Offering will be used by theScore to fund its sports betting related business development activities and for working capital and general corporate purposes.
“This offering will support and accelerate our ongoing work to capitalize on the introduction of legalized sports betting in the United States” said John Levy, Founder and CEO of theScore. “We believe theScore’s large and engaged audience, combined with our expertise in delivering great mobile experiences provides us with exciting opportunities in this space.”
John Levy Family Holdings Ltd., Relay Ventures Fund II L.P. and Relay Ventures Parallel Fund II L.P., entities controlled by directors of the Company, have each indicated their intention to participate in the Offering.
Closing of the Offering is subject to approval of the TSX Venture Exchange.
The Class A Shares issued under the Offering will be subject to a statutory hold period expiring four months and one day from the closing date of the Offering. Additional resale restrictions and legends may apply in the United States and other jurisdictions.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About theScore Inc.
theScore’s mission is to create highly-engaging digital products and content that empower the sports fan’s experience. Its flagship mobile app ‘theScore’ is one of the most popular multi-sport news and data apps in North America, serving millions of fans a month. The Company also creates innovative digital sports experiences through its web, social and esports platforms.
For further information: James Bigg, Sr. Manager, Communications, theScore, Inc., Tel: 647-638-9281, Email: [email protected]