Millennial Esports Announces Closing of Second Tranche of Non-Brokered Private Placement

Millennial Esports Corp. (“Millennial” or the “Company”) (TSXV:GAME) announces that it has closed the second tranche of its previously announced non-brokered offering of equity units of Millennial (“Equity Units”) at a price of $0.70 per Equity Unit (the “Private Placement”).  The Company issued 1,487,817 Equity Units in the second tranche for a total with the first tranche of 18,804,075 Equity Units and gross proceeds of $13,162,852.

Each Equity Unit is comprised of one (1) common share of Millennial and one-half of one (1/2) common share purchase warrant of Millennial (a “Warrant”). Each whole Warrant entitles the holder to acquire one (1) common share of Millennial for a period of 24 months from the date of issuance of the Warrant at an exercise price of $1.20 per share.

The Company paid certain finder’s fees to eligible parties in connection with the Private Placement: cash totaling $72,903 and 104,147 finder warrants, each finder warrant exercisable into a common share of the Company for a period of 24 months at $1.20 per share.

The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

Millennial Esports Corp.:

Millennial Esports Corp. is a mobile video game publisher focused on Esports and Racing. The company also provides turnkey global solutions that cover gaming technology and studios, event management, research and analytics, content production, and broadcasting, through its various subsidiaries.

• Eden Games is owned by Millennial Esports Corp. and is an innovative French video game publisher that took the mobile gaming world by storm with the release of Gear.Club, an immensely popular racing game that has been downloaded more than 6.5 million times. Gear.Club Unlimited was recently made available as the first realistic racing game on the Nintendo Switch
• IDEAS+CARS, based out of Motorsport Valley, UK, provides industry leading knowledge and intellectual property in the burgeoning and increasingly lucrative Esports racing genre. Founded by Darren Cox in 2015, and acquired by Millennial Esports Corp. in 2017, IDEAS+CARS works with high-profile brands and rights holders in the automotive and motorsport worlds, including Aston Martin, Formula E, Moto GP and Silverstone Circuits.
• MillennialEsports.gg is the premier operator of tournaments and building communities by and for gamers.
• O’Gaming TV, based in Paris and a part of Alt Tab Productions, is an Esports video content production and events company, and a major player in live French-language esports streaming.
• thE Arena at Neonopolis is Las Vegas’s first permanent Esports venue. The 15,000 square foot state-of-the-art facility accommodates more than 1000 people in comfort and provides technical services including facilities, expertise, and manpower for clients such as EA, Amazon, and Microsoft.
• Stream Hatchet, operating out of Barcelona, Spain, offers complete Esports data analytics solutions. The company focuses on providing actionable intelligence in a format that is easy to understand at a glance.

“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.”

Forward-Looking Statements

This news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “expect,” “intend” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to business strategy, future operations, prospects, plans and objectives of management, as well as information concerning expected actions of third parties. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements.

The forward-looking statements are based on management’s current expectations and should not be construed in any manner as a guarantee that such results will in fact occur or will occur on the timetable contemplated hereby. All forward-looking statements speak only as of the date of this news release and Millennial Esports undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition to risks and uncertainties associated with ordinary business operations, the forward-looking statements contained in this news release are subject to other risks and uncertainties, including completion of the announced transactions; the accuracy of all projections; and other factors and uncertainties disclosed from time-to-time in Millennial Esports filings on SEDAR.com, which could cause actual future performance to differ from current expectations.

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.

Media Contact:
Gavin Davidson
Director, Communication Strategy
705.446.6630
gavin.davidson@millennialesports.com

Investor Contacts:
Manish Grigo
Investor Relations
416.569.3292
manish.grigo@millennialesports.com

Alex Igelman
CEO and Director
647.346.1888
alex.igelman@millennialesports.com

Source: globenewswire.com