theScore Announces Exercise of Over-Allotment Option

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Sept. 18, 2020 /CNW/ - Score Media and Gaming Inc. (TSX: SCR) ("theScore" or "the Company"), has announced that the underwriters of its previously announced bought deal offering via short-form prospectus (the "Offering") partially exercised their over-allotment option, resulting in the issue of an additional 960,600 Class A Subordinate Voting Shares ("Class A Shares") of the Company at a price of $0.65 per Class A Share. The exercise of the over-allotment option brings the total gross proceeds of the Offering to $25,649,390 through the issue of an aggregate of 39,460,600 Class A Shares (the "Offered Shares"). Canaccord Genuity Corp. and Eight Capital acted as lead underwriters for the Offering on behalf of a syndicate of underwriters which also included Cormark Securities Inc., INFOR Financial Inc. and Scotia Capital Inc.

The net proceeds from the Offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet's operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where the Company is, or will be, operating.

The Offered Shares 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. Accordingly, the Offered Shares may not be offered or sold within the United States, its territories or possessions, any state of the United States or the District of Columbia (collectively, the "United States") except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Offered Shares within the United States.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

About Score Media and Gaming Inc.

Score Media and Gaming Inc. empowers millions of sports fans through its digital media and sports betting products. Its media app 'theScore' is one of the most popular in North America, delivering fans highly-personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players. The Company's sports betting app 'theScore Bet' delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado, and Indiana. Publicly traded on the Toronto Stock Exchange (SCR), theScore also creates and distributes innovative digital content through its web, social and esports platforms. 

Forward-looking (safe harbour) statement

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. 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. Forward– looking statements include, without limitation, statements regarding the anticipated use of proceeds of the Offering. 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 current Annual Information Form dated October 23, 2019 as filed with applicable Canadian securities regulatory authorities and available on SEDAR under the Company's profile at www.sedar.com and elsewhere in documents that theScore files from time to time with such securities regulatory authorities, including its relevant Management's Discussion & Analysis of the financial condition and results of operations of the Company. 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 Score Media and Gaming Inc.

James Bigg, Sr. Manager, Communications, Score Media and Gaming Inc., Tel: [phone] ext. 2366, Email: [email protected]; Alvin Lobo, Chief Financial Officer, Score Media and Gaming Inc., Tel: [phone] ext. 2206, Email: [email protected]