theScore, Inc. Announces $16M Private Placement Financing
TORONTO, April 23, 2013
TORONTO, April 23, 2013 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR)
("theScore" or the "Company") today announced it has entered into subscription
agreements in connection with a $16 million non-brokered private placement of
100,000,000 Class A Subordinate Voting Shares at a price of $0.16. The
financing round will allow the Company to accelerate the development and
marketing of its mobile sports platforms while further expanding its
advertising sales and marketing capabilities in the United States.
Relay Ventures, a venture capital fund based in Toronto and Silicon Valley and
focused exclusively on the mobile space, is leading the private placement.
Existing shareholders, including Levfam Holdings Ltd. and Rogers Media Inc.,
also participated in the financing.
theScore's mobile sports platforms have achieved significant growth since
September 2009, growing from 600,000 monthly users to more than 4.2 million in
January 2013. Available across all major mobile platforms, its flagship
applications offer real-time sports news, scores, fantasy information and
alerts, alongside compelling and relevant content.
John Levy, Chairman and CEO of theScore, Inc. said: "This gives theScore
significant financial resources to accelerate the growth and development of
our great mobile sports platforms. It also affords us an increased runway to
turbocharge the momentum we've been building, strengthen our sales and
marketing teams and further capitalize on the industry-wide explosion in
mobile ad spending."
Following the closing of the private placement, Relay Ventures' Co-Founder and
Managing Partner John Albright will join theScore's Board of Directors.
Mr. Albright said: "More than four million sports fans around the world are
using theScore'smobile platformsto dynamically connect with their favourite
sports, leagues, teams and players. It's created by a company that is led by
serial entrepreneurs who have a successful track record and are now primed to
capitalize further on the explosion in mobile ad spending. We are thrilled to
invest in them."
There are no bonuses, finder's fees, commissions or other compensation to be
paid in connection with the private placement. The Class A Shares issued upon
completion of the private placement will be subject to a hold period under
applicable securities laws. The private placement is expected to close on or
about May 3, 2013. The closing is subject to certain customary closing
conditions and remains subject to the approval of the TSX Venture Exchange.
Canaccord Genuity Corp. provided theScore with strategic financial advice in
connection with the private placement.
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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.
No securities regulatory authority has either approved or disapproved the
contents of this news release. The securities being offered 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 in the United States, or to, or for the account or benefit
of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act)
unless pursuant to an exemption therefrom. This press release is for
information purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy any securities of the Company in any
About theScore Inc.
theScore's mission is to provide a full digital service to sports fans,
delivering a personalized user experience across all major mobile platforms
through our mobile apps and website. Users are provided with a comprehensive,
customizable service that dispenses real-time sports news, scores, fantasy
information and alerts, alongside compelling, relevant content that allows for
seamless social sharing by users. theScore also enables advertisers to engage
with users across theScore's mobile and web platforms and offers them a
combination of reach, relevance, and customizable advertising and sponsorship
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or
performances are forward-looking statements, including statements related to
the use of proceeds from the private placement, the acceleration of growth and
development of mobile sports platforms, strengthening sales and marketing
teams and capitalizing on opportunities and the timing of closing of the
private placement.Any statement containing words such as "may", "would",
"could", "will", "believes", "plans", "anticipates", "estimates", "expects"
or "intends" and other similar statements which are not historical facts
contained in this release are forward-looking, and these statements involve
risks and uncertainties and are based on current expectations. Such statements
reflect theScore's current views with respect to future events and are subject
to certain risks, uncertainties and assumptions. Many factors could cause the
Company's actual results, performance or achievements to be materially
different from any future results, performance or achievements that may be
expressed or implied by such forward looking statements, including among other
things, those which are discussed under the heading "Risk Factors" in the
Company's Listing Application as filed with the TSX Venture Exchange and
available on SEDAR at www.sedar.com and elsewhere in documents that theScore
files from time to time with securities regulatory authorities. Should one or
more of these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual results
could differ materially from the expectations expressed in these
forward-looking statements. The Company does not intend, and does not assume
any obligation, to update these forward-looking statements except as required
by applicable law or regulatory requirements.
SOURCE theScore, Inc.
Chief Financial Officer
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