Bragg secures $7m note financing for flexibility
Note matures on Apr. 25, 2025 and bears interest at an annual rate of 14%, payable quarterly.
The Toronto Stock Exchange has approved the issuance of a $7m note to certain entities controlled by Doug Fallon, Managing Director of Group Content for Bragg and the Founder of Nevada-based Wild Streak Gaming. Fallon is a related party to Bragg as he is a senior officer of the company. Bragg is allowed to use the net proceeds from the note for general working capital purposes and strategic initiatives.
“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. We would also like to thank The Lind Partners for their cooperation in providing a waiver consenting to the note funding,” Bragg CEO Matevž Mazij said.
The issuance of the note has been unanimously approved by Bragg’s board of directors. The note will mature in April of next year and bears a 14% annual interest rate Bragg can pay on a quarterly basis. The decision also comes at an interesting time with Bragg announcing on Apr. 26 that its Q1 results will be released on May 9. The release will be followed by a conference call hosted by Mazij, CFO Ronen Kannor and CSO Yaniv Spielberg to discuss the company’s financial results and provide a business update.
“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,” Mazij said.
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