Bragg Gaming has concluded its previously announced convertible funding deal with Lind Global Fund II LP, an investment entity that is managed by The Lind Partners. The company closed the agreement for $8.7m.
After fees, Bragg will receive close to $8.2m from the funding. The company has issued Lind Global with a convertible security funding agreement. The face value of the investment totaled $10m with a 24-month maturity date. Funds can be converted into common shares or paid in cash at a conversion price that is equal to 87.5% of the five-day volume weighted average price (VWAP).
Bragg stated that it: “intends to use the funding for general and corporate working capital purposes.”
The listing of the common shares has been conditionally approved by the Toronto Stock Exchange (TSX) and is subject to Bragg satisfying all the TSX requirements on or before October 13, 2022.
Bragg Gaming Group Chief Executive Officer Yaniv Sherman commended The Lind Partners for its support.
He commented: “We highly appreciate the confidence demonstrated by Lind and we are excited about the opportunity this growth capital affords Bragg.
“For more than a decade, Lind has demonstrated a tremendous record of success supporting growth companies and we are confident that Bragg is well positioned to further deliver on our strategic initiatives."
The Lind Partners is an institutional fund manager that is based in New York.
Bragg Gaming is a global gaming technology and content provider. The company operates in Nevada through its subsidiary, Wild Streak Gaming, which offers its portfolio of casino games to land based, online and social media casino operators throughout the US and the UK.
Through its subsidiary Spin Games, Bragg is now live in four states, including Connecticut, New Jersey, Pennsylvania and Michigan. The company plans future exclusive game rollouts in additional US states later this year via its proprietary Atomic Slot Lab studio and from third-party sources.