Fantasy Aces, LLC

Fantasy Aces, LLC

October 05, 2015 17:54 ET

DraftTeam and Fantasy Aces Complete Business Combination Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 5, 2015) - DraftTeam Daily Fantasy Sports Corp. ("DraftTeam" or the "Corporation") (TSX VENTURE:DTS) and Fantasy Aces, LLC ("Fantasy Aces") are pleased to announce final acceptance by the TSX Venture Exchange ("TSXV") with respect to the previously announced business combination (the "Business Combination") that closed on September 30, 2015. The Corporation is now named Fantasy Aces Daily Fantasy Sports Corp. and is expected to commence trading on the TSXV under its new symbol FAS at market open on October 6, 2015.

The Corporation is a Tier 2 Technology Issuer on the TSXV with 80,809,161 common shares outstanding and has reserved for issuance 4,235,004 common shares pursuant to stock options, 40,067,227 common shares pursuant to warrants and 57,539,453 common shares pursuant to convertible limited partnership units.

Prior to the completion of the Business Combination, DraftTeam completed a private placement ("Private Placement") for aggregate gross proceeds of $3,828,000, through the issuance of subscription receipts (the "Subscription Receipts"). The Subscription Receipts were deemed converted and holders thereof were issued one common share and one warrant of the Corporation, without payment of additional consideration, for each Subscription Receipt held and the net proceeds of the Private Placement were released from escrow to the Corporation.

For further information regarding the details of the Business Combination please refer to the news releases dated June 8, 2015 and October 1, 2015 and the management information circular of DraftTeam dated August 28, 2015 and for further information regarding the details of the Private Placement please refer to the press releases dated September 3, 2015 and September 29, 2015, all filed on SEDAR at

About Fantasy Aces

Fantasy Aces is a leading DFS (Daily Fantasy Sports) site focused on every day skill based fantasy sports games. Fantasy Aces has developed proprietary software which allows users to create fantasy teams from the player rosters of actual sports leagues and then use their teams to compete against other users in various categories such as points scored, yards gained, goals, assists or home runs registered, depending on the specific sport. The website currently offers daily and weekly skill based fantasy sports games for six major North American sports, including the NFL, NBA, NHL, MLB, College Football and the PGA. Fantasy Aces also offers a variety of entry fee contest options for its members to play, in addition to free roll tournaments to attract new members to the site. Fantasy Aces charges a management fee from all entry fees collected on the website.

Reader Advisory

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Fantasy Aces' current beliefs and is based on information currently available to Fantasy Aces and on assumptions Fantasy Aces believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Fantasy Aces to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board or regulatory approvals; changes in legislation affecting Fantasy Aces; timing and availability of external financing on acceptable terms. Although Fantasy Aces has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release represent the expectations of Fantasy Aces as of the date of this press release and, accordingly, are subject to change after such date. However, Fantasy Aces expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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