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Vancouver, British Columbia–(Newsfile Corp. – March 6, 2023) – FansUnite Entertainment Inc. (TSX: FANS) (“FansUnite” or the “Company”) is pleased to announce a non-brokered private placement of units of the Company (the “Units”) at a price of $0.08 per Unit for aggregate gross proceeds of $2,000,000 (the “Offering”).

In connection with the Offering, Tekkorp Capital (“Tekkorp”), an investment firm that advises and invests in innovative public and private companies within the global digital gaming industry, has agreed to acquire 13,750,000 Units of the financing.

“We are active investors in the sports and gaming industry and look for great businesses with strong leadership in market segments we like,” said Matt Davey, Founder & Chairman of Tekkorp Capital. “Scott and his team at FansUnite tick all the boxes for us and we are happy to support in their journey to grow the company and shareholder value for all investors.”

“This private placement offers us an opportunity to work with a strategic investor group consisting of top executives who have helped build and grow some of the largest gaming companies globally,” said Scott Burton, CEO of FansUnite. “They have expressed a strong interest to support our strategy in achieving our profitability and growth targets. To date, we have made great strides in maximizing cost efficiencies while executing initiatives to improve our top and bottom line.”

Each Unit will consist of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant of the Company (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share (each a “Warrant Share”) at a price of $0.12 per Warrant Share for a period of 36 months after the closing date of the Offering.

It is anticipated that the net proceeds from the Offering will be used for general corporate working capital purposes. The Company may pay certain finders a fee in connection with the sale of Units to purchasers introduced to the Company by such finders.

The closing of the Offering may occur in one or more tranches, the first of which is expected to close on or about March 9, 2023, and subsequent tranche(s) as may be agreed by the Company and the subscribers. Closing of the Offering is subject to receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange, and will occur within 45 days from the date hereof.There is an offering document related to this Offering dated March 6, 2023 that can be accessed under the Company’s profile at www.sedar.com and at https://fansunite.com/. Prospective investors should read this offering document before making an investment decision. The Company may increase the size of the Offering to the maximum amount permitted by the ‎Listed Issuer Financing Exemption (as defined below) in the context of the market.‎

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offering is being made to purchasers resident in all provinces and territories of Canada (except Quebec) and certain foreign jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The securities offered under the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the “United States” or to “U.S. persons” (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

For more information on the private placement offering, please contact Prit Singh at [email protected] or (905) 510-7636

About FansUnite Entertainment Inc. 

FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming. FansUnite’s one-of-a-kind iGaming platform Chameleon offers operators a full suite of gaming solutions with a sports and esports focus geared for the next generation of online bettors and casino players. Along with providing B2B technology solutions, FansUnite operates multiple B2C brands, such as Scottish sportsbook McBookie. FansUnite is the parent company of North American-focused AmAff, which operates leading affiliate brands such as Betting Hero and Props.com.

FORWARD-LOOKING INFORMATION: ‎

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: the Company’s ability to obtain a license and commence operations in Virginia; the Company’s plans to apply for licenses in other jurisdictions, including Massachusetts  and Indiana; the Company expanding its North American operations; and the future performance and operations of the Company. 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  Annual Information Form dated  June 15, 2021 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.