Toronto-listed Global Daily Fantasy Sports (GDFS) is aiming to raise CAD$3m through a private placement to finance its continued development in the fantasy sports sector.

GDFS is offering 17,143,000 units of the company at a price of $0.175 per unit through a non-brokered private placement. 

Each Unit consists of one common share and one-half common share purchase warrant, with each warrant entitling the holder to purchase one share in the company for a period of 36 months from the date of issuance at an exercise price of $0.40 per warrant.

This is subject to an accelerated expiry after twelve months of closing, in the event that the shares trade above a weighted average price of $0.60 for any 15 consecutive trading days on the TSX Venture Exchange.

GDFS said that the net proceeds will be used to fund additional technical resources, new sports development, and sales and marketing activities in core and new markets.

Shares in Global Daily Fantasy Sports Inc (CVE:DFS) closed in Toronto Monday down 2.94 per cent at $0.165 per share, 10 per cent off their 52-week low of $0.150 per share set on June 20th.