Millennial Esports Announces Closing of $2.3 Milli

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, July 13, 2018 (GLOBE NEWSWIRE) -- Millennial Esports Corp. ("Millennial" or the "Company") (TSX VENTURE:GAME) announces that it has closed a non-brokered offering of equity units of Millennial ("Equity Units") at a price of $0.12 per Equity Unit (the "Private Placement").  The Company issued 19,286,201 Equity Units for gross proceeds of $2,314,344.12.

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 will entitle the holder to acquire one (1) common share of Millennial at an exercise price of $0.17 per share for a period of 18 months from the date of issuance of the Warrant, provided, however, that in the event that the closing price of the outstanding common shares on the TSX Venture Exchange (the "TSXV") is greater than $0.34 for a period of 30 consecutive trading days at any time after November 14, 2018, the Company may, at its option, accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire at 5:00 p.m. (Toronto time) on the date which is the earlier of: (i) the 30^th day after the date on which such notice is given by the Company; and (ii) January 13, 2020.

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

Update on US$10 Million Revolving Credit Facility

The Company has repaid the initial US$1,100,000 that was drawn down on the revolving multi-draw credit facility with Eastmore Global announced on April 23, 2018 (the "Facility").  The Company currently has no intentions to draw down further amounts from the Facility.

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.

About Millennial Esports Corp.

Millennial Esports Corp. (”Millennial”) is a vertically integrated mobile gaming publisher leading a revolution to fuse esports racing and professional motorsport through a global competition model. Millennial is utilizing its gaming franchises and intellectual property (IP) to engage millions of new players. Combined with its virtual and live tournament platforms, gaming analytics capability, and motorsport IP - including World’s Fastest Gamer - Millennial is uniquely positioned to become one of the market leaders in Esports Racing. 

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.