Millennial Esports Corp. Closes $4.5 Million Financing

TORONTO, ONTARIO--(Marketwired - Jul 21, 2017) - Millennial Esports Corp. ("Millennial Esports" or the "Company") (TSX VENTURE:GAME) is pleased to announce it has closed the second and final tranche of its previously announced non-brokered private placement of units (the "Units") at a price of $0.58 per Unit (the "Offering"), issuing a 1,081,494 Units for gross proceeds of $627,267 under the second and final tranche of the Offering.

Under the first and second tranches of the Offering, the Company issued a total of 7,758,621 Units for aggregate gross proceeds of $4,500,000.

Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional Share for a period of 18 months from the date of issuance at a price of $0.72 per Share. In the event that the Company's Shares trade at a closing price of greater than $1.50 per Share for a period of 30 consecutive trading days at any time after nine months after the closing of the relevant tranche of the Offering, the Company may accelerate the expiry date of the Warrants by providing notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

All securities issued under the Offering are subject to a hold period of four months and one day from the closing of the relevant tranche of the Offering.

About Millennial ESports Corp.:

Millennial Esports owns and operates "thE Arena", Las Vegas' first permanent Esports Arena and studio. "thE Arena" is a state of the art 15,000 square foot facility located on world famous Fremont Street, at the Neonopolis, in the heart of Downtown Las Vegas.

Millennial Esports also owns and operates streamhatchet.com, a data analytics company that provides meaningful analytics and business intelligence for those persons and entities involved in video game streaming.

Millennial Esports also recently announced it is acquiring Ideas+Cars, a global Esports and racing company based in the United Kingdom, which is expected to close in the next few weeks.

The Company operates millennialesports.gg, an Esports platform and online community, which provides gamers with a variety of online competitions, leagues and ladders, giving them an opportunity to win prizes and garner recognition within the global Esports community. In addition, the Company provides turnkey solutions to give game publishers, consumer brands and other partners exposure and influence on a targeted audience, thereby enabling them to generate new revenue streams by leveraging this unique and highly sought after global demographic.

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