Last updated on April 17, 2014 at 1:21 EDT

theScore, Inc. Announces $16M Private Placement Financing

April 23, 2013

TORONTO, April 23, 2013 /PRNewswire/ – theScore, Inc. (TSX Venture: SCR)
(“theScore” or the “Company”) today announced it has entered into
subscription agreements in connection with a $16 million non-brokered
private placement of 100,000,000 Class A Subordinate Voting Shares at a
price of $0.16. The financing round will allow the Company to
accelerate the development and marketing of its mobile sports platforms
while further expanding its advertising sales and marketing
capabilities in the United States.

Photo: http://photos.prnewswire.com/prnh/20130423/TO327

Relay Ventures, a venture capital fund based in Toronto and Silicon
Valley and focused exclusively on the mobile space, is leading the
private placement. Existing shareholders, including Levfam Holdings
Ltd. and Rogers Media Inc., also participated in the financing.

theScore’s mobile sports platforms have achieved significant growth
since September 2009, growing from 600,000 monthly users to more than
4.2 million in January 2013. Available across all major mobile
platforms, its flagship applications offer real-time sports news,
scores, fantasy information and alerts, alongside compelling and
relevant content.

John Levy, Chairman and CEO of theScore, Inc. said: “This gives theScore
significant financial resources to accelerate the growth and
development of our great mobile sports platforms. It also affords us an
increased runway to turbocharge the momentum we’ve been building,
strengthen our sales and marketing teams and further capitalize on the
industry-wide explosion in mobile ad spending.”

Following the closing of the private placement, Relay Ventures’
Co-Founder and Managing Partner John Albright will join theScore’s
Board of Directors.

Mr. Albright said: “More than four million sports fans around the world
are using theScore’s mobile platforms to dynamically connect with their
favourite sports, leagues, teams and players. It’s created by a company
that is led by serial entrepreneurs who have a successful track record
and are now primed to capitalize further on the explosion in mobile ad
spending. We are thrilled to invest in them.”

There are no bonuses, finder’s fees, commissions or other compensation
to be paid in connection with the private placement. The Class A Shares
issued upon completion of the private placement will be subject to a
hold period under applicable securities laws. The private placement is
expected to close on or about May 3, 2013. The closing is subject to
certain customary closing conditions and remains subject to the
approval of the TSX Venture Exchange.

Canaccord Genuity Corp. provided theScore with strategic financial
advice in connection with the private placement.

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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.

No securities regulatory authority has either approved or disapproved
the contents of this news release. The securities being offered 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, and may not be offered or sold in the United
States, or to, or for the account or benefit of, a “U.S. person” (as
defined in Regulation S of the U.S. Securities Act) unless pursuant to
an exemption therefrom. This press release is for information purposes
only and does not constitute an offer to sell or a solicitation of an
offer to buy any securities of the Company in any jurisdiction.

About theScore Inc.
theScore’s mission is to provide a full digital service to sports fans,
delivering a personalized user experience across all major mobile
platforms through our mobile apps and website. Users are provided with
a comprehensive, customizable service that dispenses real-time sports
news, scores, fantasy information and alerts, alongside compelling,
relevant content that allows for seamless social sharing by users.
theScore also enables advertisers to engage with users across
theScore’s mobile and web platforms and offers them a combination of
reach, relevance, and customizable advertising and sponsorship

Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events
or performances are forward-looking statements, including statements
related to the use of proceeds from the private placement, the
acceleration of growth and development of mobile sports platforms,
strengthening sales and marketing teams and capitalizing on
opportunities and the timing of closing of the private placement. 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. 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 Listing
Application as filed with the TSX Venture Exchange and available on
SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with
securities regulatory authorities. 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 theScore, Inc.

Source: PR Newswire