Bragg Gaming Group has announced the issuance of a secured promissory note in the principal amount of $7m from certain entities controlled by the company’s Managing Director of Group Content, Doug Fallon.
Maturing on April 25, 2025, and bearing an interest rate of 14 per cent, CEO Matevž Mazij stated that the funds provide Bragg Gaming with “additional flexibility” as its strategic reviews take place.
Fallon is also the Founder of Bragg-owned games studio Wild Streak Gaming.
Mazij said: “This financing provides the company’s balance sheet with additional flexibility as we continue to review strategic alternatives for maximising 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.”
The Toronto Stock Exchange has conditionally approved the issuance of the note. The company may use the note’s net proceeds for general working capital and strategic initiatives.
Bragg Gaming will report its financial results for the first quarter of 2024 on May 9.
Mazij continued: “After reporting another consecutive full year of strong revenue, gross profit and adjusted EBITDA growth in 2023, we are exceptionally well placed to capitalise 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.”
