- Bragg Gaming Group Inc. (BRAG) has signed a funding agreement worth US$8.7 million with Lind Global Fund II LP
- funding will come in the form of a US$8.7 million convertible security which will have a face value of US$10.0 million
- Proceeds will go towards an investment return strategy to support Bragg’s cash flow
- Bragg also has the option at any time to buy back the entire remaining balance of the convertible security
- Bragg Gaming Group (BRAG) is up 1.20 per cent trading at $5.91 per share as of 3:12 p.m. ET
Bragg Gaming Group Inc. (BRAG) has signed a funding agreement worth US$8.7 million with Lind Global Fund II LP.
The company stated its funding will come in the form of a US$8.7 million convertible security which will have a face value of US$10.0 million. Bragg will receive net proceeds of approximately US$8.2 million from the funding after fees.
The face value of the convertible security will have a two-year maturity date and can be paid in cash or be converted into Bragg common shares at a conversion price equal to 87.50 per cent of the five-day volume weighted average price right before each conversion.
“This investment provides capital we intend to deploy in a return-focused manner, to further strengthen our foundation for continued top line and cash flow growth,” Yaniv Sherman, CEO of Bragg, said.
Bragg also has the option at any time to buy back the entire remaining balance of the convertible security, subject to a partial conversion right in favour of Lind to convert up to 1/3 of the outstanding amount into shares in such circumstances.
In connection with the funding, Lind receives a warrant to purchase up to 979,048 Brag common shares at a price of $9.28per share for 60 months.
Bragg Gaming Group (BRAG) is up 1.20 per cent trading at $5.91 per share as of 3:12 p.m. ET.
