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     161  0 Kommentare Enthusiast Gaming Amends and Expands its Credit Facilities to Support its Growth Strategy  

    TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV), the largest gaming platform in North America, reaching over 300 million monthly video game and esports fans worldwide, today announced that it has entered into an amended and restated letter agreement (the “Amended Credit Agreement”) with the Company’s lender, resulting in an increase in the total size of its credit facilities, under more flexible and growth-friendly terms.

    The Amended Credit Agreement increases the Company’s total borrowing capacity to up to $24 million, including a term loan in the amount of $10 million, and revolving demand loans of up to $14 million. The move to revolving facilities will provide the Company the ability to utilize cash-on-hand to reduce interest costs.

    "This positive development for our balance sheet complements our capital plan as we continue to press on and focus on our strategic growth priorities”, said Adrian Montgomery, CEO of Enthusiast Gaming. “The modest increase in our borrowing base provides great options, while complementing our anticipated Nasdaq listing and entry into the U.S. capital markets.”

    Amounts drawn under the Amended Credit Agreement are to be used for (i) refinancing of obligations under the pre-existing letter agreement with the Lender dated August 2, 2019, as amended on September 30, 2019 and August 31, 2020 (ii) working capital purposes and (iii) financing of future acquisitions.

    Other material terms of the Amended Credit Facility, including the term and rate of interest, remain unchanged.

    About Enthusiast Gaming

    Enthusiast Gaming (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV) is building the world’s largest social network of communities for video game and Esports fans that reaches over 300 million gaming enthusiasts on a monthly basis. Already the largest gaming platform in North America and the United Kingdom, the Company’s business is comprised of four main pillars: Esports, Content, Talent and Entertainment. Enthusiast Gaming’s esports division, Luminosity Gaming, is a leading global esports franchise that consists of 7 professional esports teams under ownership and management, including the Vancouver Titans Overwatch team and the Seattle Surge Call of Duty team. Enthusiast's gaming content division includes 2 of the top 20 gaming media and entertainment video brands with BCC Gaming and Arcade Cloud, reaching more than 50MM unique viewers a month across 9 YouTube channels, 8 Snapchat shows and related Facebook, Instagram and TikTok accounts. Its 100 gaming-related websites including The Sims Resource, Destructoid, and The Escapist collectively generate 1.1 billion page views monthly. Enthusiast's talent division works with nearly 1,000 YouTube creators generating nearly 3 billion views a month working with leading gamer talent such as Pokimane, Flamingo, Anomaly, and The Sidemen. Enthusiast's entertainment business includes Canada’s largest gaming expo, EGLX (eglx.com), and the largest mobile gaming event in Europe, Pocket Gamer Connects (pgconnects.com). For more information on the Company visit enthusiastgaming.com. For more information on Luminosity Gaming visit luminosity.gg.

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    Enthusiast Gaming Amends and Expands its Credit Facilities to Support its Growth Strategy   TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) - Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV), the largest gaming platform in North America, reaching over 300 million monthly video game and …

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