Millennial Esports Announces Non-Brokered Private Placement for Up to $20 Million of Equity Units

TORONTO, ONTARIO--(Marketwired - Nov. 24, 2017) -

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Millennial Esports Corp. ("Millennial" or the "Company") (TSX VENTURE:GAME) announces a proposed non-brokered private placement of up to 28,571,429 equity units of Millennial ("Equity Units") at a price of $0.70 per Equity Unit for gross proceeds of up to $20,000,000 (the "Private Placement").

Each Equity Unit will be 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 for a period of 24 months from the date of issuance of the Warrant, at an exercise price of $1.20 per share.

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

Millennial intends to use the proceeds from the Private Placement in connection with the previously announced acquisition of an 82.5 percent majority interest of Eden Games, the second instalment of the O'Gaming investment initially announced on July 25, 2017, and towards general and administrative expenses.

Millennial may pay a commission or finder's fee to eligible parties in connection with the Private Placement, subject to the approval of the TSX Venture Exchange and compliance 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.