Playgon Games (TSX.V: DEAL) (OTC: PLGNF) (FSE: 7CR), a propriety software-as-a-service (“SaaS”) technology company delivering mobile live dealer technology to online gaming operators globally, has announced its completion of a non-brokered private placement of unsecured convertible debentures for aggregate gross proceeds to the company of CAD$4,971,000 (the “non-brokered offering”). The debentures will mature on Dec. 29, 2024, and each $1,000 principal amount of debenture will bear simple interest at 10% per annum, calculated and paid quarterly in arrears. Playgon may, at its sole discretion, subject to the approval of the TSX Venture Exchange (the “TSXV”), elect to pay the accrued interest in cash or in common shares of the company at a price per share equal to the 25-day VWAP of the common shares on the TSXV (or such other stock exchange where the majority of trading volume occurs) immediately preceding the date interest is due, subject to such deemed issuance price being no less than the maximum allowable discount permitted by the TSXV. Additionally, holders of debentures will be entitled to convert the principal amount of the debentures at any time on or prior to the maturity date into common shares at a price of $0.05 per common share, subject to standard adjustments. The debentures will not include any forced acceleration or early redemption rights by the company. The company intends to utilize any net proceeds raised from the offering to fund ongoing sales and marketing efforts in core European jurisdictions and ongoing development costs, to enter new markets including Latin America and North America, launch new proprietary table game content, as well as for general working capital and corporate purposes.
To view the full press release, visit https://ibn.fm/INyQZ
About Playgon Games Inc.
Playgon is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. The company provides a multitenant gateway that allows online operators the ability to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports, which, through a seamless integration at the operator level, allows customer access without having to share or compromise any sensitive customer data. As a true business-to-business digital content provider, the company’s products are ideal turnkey solutions for online casinos, sportsbook and land-based operators, media groups, and big database companies. For further information, please visit the company’s website at www.Playgon.com.
NOTE TO INVESTORS: The latest news and updates relating to PLGNF are available in the company’s newsroom at https://ibn.fm/PLGNF
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