TORONTO, April 23, 2018 (GLOBE NEWSWIRE) -- Millennial Esports Corp. ("Millennial" or the "Company") (TSX VENTURE:GAME)(OTCQB:MLLLF), a mobile video game publisher focused on Esports and Racing, is pleased to announce that the Company has entered into an agreement for a US$10 million revolving multi-draw credit facility (“Credit Facility”) with Eastmore Global Ltd., with the initial drawdown under the facility being US$1,100,000. 

Credit Facility Details

Millennial noted the new Credit Facility will be available to the Company on agreed upon terms including, but not limited to, the following:

  • The Credit Facility bears an annual interest rate of 10% on the principal amounts drawn.
     
  • The Maturity Date is twelve months from the last drawdown.
     
  • The initial amount will be drawn on the initial funding date ("Initial Funding Date"). In connection with the initial drawdown, the Company has also issued 516,800­­­­­­­­­­ Common Shares.
     
  • For each subsequent drawdown the lender will receive a number of Common Shares equal to twenty per cent (20%) of the drawdown at an issue price equal to the closing price of the Common Shares on the TSX Venture Exchange on the day prior to the drawdown using an exchange rate of CDN$1.292 for US$1, rounded down to the nearest share.
     
  • Future draws under the facility do not require specific conditions precedent, but are at the discretion of the lender.
     
  • If the Company draws down the full US$10 million under the facility, the lender shall be entitled to a security interest against all the assets of the Company, but prior to such occurrence the facility shall be unsecured.

Broadening Institutional Interest and Share Consolidation Strategy Update

The Company also noted that its strategy with respect to any potential future stock consolidation is to optimize the balance of its share price and number of shares outstanding to enable a broad range of investors and new institutions to acquire the company’s shares.  While it has submitted a proposal to shareholders for such flexibility, the Company reiterated it has no present intention to undertake a stock consolidation.

About Millennial Esports Corp.
Millennial Esports Corp. (MEC) is a vertically integrated mobile gaming publisher leading a revolution to fuse esports racing and professional motorsport through a global competition model. MEC 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 - MEC is uniquely positioned to become the market leader in Esport Racing.  

“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