FansUnite Entertainment Announces up to Approximately $5.0 Million Brokered Private Placement of Special Warrants Led by Gravitas Securities Inc.

- December 15th, 2020

FansUnite ‎Entertainment Inc. a ‎technology company providing leading online gaming solutions‎, is pleased to announce that ‎it has entered into an agreement with Gravitas Securities Inc., as sole agent ‎and sole bookrunner in connection with a marketed commercially reasonable best efforts ‎private ‎placement offering of special warrants of the Company at a price of $0.625 per Special Warrant, for …

 FansUnite ‎Entertainment Inc. (CSE: FANS) (OTCB: FUNFF‎) (“FansUnite” or the “Company”), a ‎technology company providing leading online gaming solutions‎, is pleased to announce that ‎it has entered into an agreement with Gravitas Securities Inc., as sole agent ‎and sole bookrunner (the “Lead Agent”), in connection with a marketed commercially reasonable best efforts ‎private ‎placement offering (the “Offering”) of special warrants of the Company (“Special ‎Warrants”) at a price of $0.625 per Special Warrant, for gross proceeds of up to approximately $5,000,000.‎ The initial closing date is expected to be on or about the week of January 11th, 2021 (the “Closing Date” or “Closing”) and the Offering may be completed in one or more closings at the discretion of the Lead Agent. ‎

Each Special Warrant shall be exercisable, for no additional consideration at the option of the holder, ‎into one unit of the Company (each, a “Unit“), with each Unit being comprised of one common share ‎of the Company (a “Common Share“) and one half (1/2) of one non-transferable Common Share purchase warrant (each whole warrant‎, a “Warrant“). Each ‎Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share“) at an ‎exercise price of $0.78 per Warrant Share for a period of 24 months after Closing (the “Expiry Date“).‎

The Company has granted the Lead Agent, as well as any other investment dealers or exempt market dealers agreeable to the Company that form a syndicate ‎of ‎agents with the Lead Agent (collectively with the Lead Agent, the “Agents“),‎ an option (the “Over-Allotment Option“) to offer for sale ‎up to an additional $750,000 of ‎Special Warrants issued pursuant to the Offering to cover any ‎over-allotments, exercisable in whole or in part, at any time within 30 days following the Closing Date.

The net proceeds raised under the Offering will be used for working capital and general corporate purposes.‎

As soon as reasonably practicable after the Closing, the Company will prepare and file with each of the securities ‎regulatory authorities in each of the provinces of British Columbia, Alberta, Manitoba and Ontario‎, (the “Jurisdictions“) and obtain a receipt for, a final short form ‎prospectus (the “Final Prospectus“), qualifying the distribution of the securities issued pursuant to the Offering, in compliance with applicable securities law, within sixty (60) days ‎from the Closing of the Offering.‎

In the event that the Company has not received a receipt for the Final Prospectus within ‎sixty (60) days following the Closing, each unexercised Special Warrant will thereafter ‎entitle the holder thereof to receive upon the exercise thereof, at no additional ‎consideration, one-and-one-tenth (1.10) Unit (instead of one Unit) ‎(the “Penalty Ratio“)‎, provided that nothing shall require the Company to issue fractional Units or ‎Common Shares and Warrant Shares underlying such Units, and any fractions resulting from the application of the Penalty Ratio shall be rounded down to the nearest whole number‎.‎

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the ‎United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful ‎prior to qualification or registration under the securities laws of such jurisdiction. The securities ‎being offered have not been, nor will they be, registered under the United States Securities Act ‎of 1933, as amended, and such securities may not be offered or sold within the United States or ‎to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption ‎from U.S. registration requirements and applicable U.S. state securities laws.‎

About FansUnite Entertainment Inc.

FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. FansUnite has produced a one of a kind complete iGaming platform, with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified RNG to produce casino style chance games. The platform operates multiple B2C brands and B2B software for the online gambling industry. FansUnite also looks to acquire technology platforms and assets with high growth potential in new or developing markets.

For further information, please contact:

Prit Singh Investor Relations at FansUnite
ir@fansunite.com
(905) 510-7636

Scott Burton Chief Executive Officer of FansUnite
scott@fansunite.com

Darius Eghdami President of FansUnite
darius@fansunite.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute “forward-‎looking information” under Canadian securities legislation. Generally, forward-looking information can be ‎identified by the use of forward-looking terminology such as “believes,” “belief,” “expects,” “intends,” ‎‎”anticipates,” “potential,” “should,” “may,” “will,” “plans,” “continue” or similar expressions to be uncertain ‎and forward-looking. Forward-looking statements may include, without limitation, statements relating to ‎future outlook and anticipated events such as: the Offering, the use of proceeds from the Offering, the filing and receipt for the Final Prospectus, the establishment of McBookie as a preeminent online ‎betting platform; the expansion of McBookie throughout the UK gambling industry; the effect of upcoming ‎sporting events on betting volume on the McBookie platform; the ‎Company’s unique portfolio of assets; and discussion of future plans, projections, objectives, estimates ‎and forecasts and the timing related thereto. Forward-looking statements are based on the Company’s ‎estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the ‎actual results, level of activity, performance or achievements of FansUnite to be materially different from ‎those expressed or implied by such forward-looking statements or forward-looking information. Additional ‎information regarding the risks and uncertainties relating to the Company’s business are contained under ‎the heading “Risk Factors” in the Company’s Non-Offering Prospectus dated March 27, 2020 filed on its ‎issuer profile on SEDAR at www.sedar.com and risks related to global pandemics, including the novel ‎coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and influence ‎of macroeconomic developments. Accordingly, readers should not place undue reliance on forward-looking ‎statements and forward-looking information. The forward-looking statements in this news release are made ‎as of the date of this release. FansUnite disclaims and does not undertake to update or revise any forward-‎looking statements or forward-looking information, whether as a result of new information, future events or ‎otherwise, except as required by applicable securities laws.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

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