April 26, 2024, 04:38 PM

Bragg Gaming Announcing US$7 Million Secured Note Financing

Bragg Gaming Group (BRAG.TO, BRAG), a B2B gaming technology and content provider, after trade Friday announced the issuance of a secured promissory note in the principal amount of US$7 million that, it says, will provide its balance sheet with "additional flexibility".

A statement said the note is issued to certain entities controlled by Doug Fallon, Managing Director of Group Content at the company and the founder of Nevada-based Wild Streak Gaming. It matures on April 25, 2025 and bears interest at an annual rate of 14%, payable quarterly.

"This financing provides the company's balance sheet with additional flexibility as we continue to review strategic alternatives for maximizing shareholder value and execute against our strategy," said Matevz Mazij, chief executive officer.

"After reporting another consecutive full year of strong revenue, gross profit and Adjusted EBITDA growth in 2023, we are exceptionally well placed to capitalize on our in-demand content, product and technology verticals in major iGaming markets in North America, Europe and LatAm. From our market-leading player account management platform and turnkey solutions to our unique casino content aggregation offering with Fuze promotional functionality and player journey management, as well as our ever-growing exclusive content portfolio, our product strategies are refined for each market we operate in."

Friday's statement noted the Toronto Stock Exchange has conditionally approved the issuance of the note. It said the company may use the net proceeds from the note for general working capital purposes and strategic initiatives.

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