Bragg Takes in $16M on Forced Conversion and Expiry of All Outstanding Warrants
Proceeds of warrants contribute to balance sheet, providing increased liquidity and flexibility for future growth
TORONTO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- B2B gaming technology provider Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg" or the "Company") announced today that the common share purchase warrants of the Company issued on November 18,
2020 (the “Warrants”) have now expired, as of February 22, 2021.
“Bragg’s sustained performance allowed us to exercise our option to accelerate the November warrants,” said Adam Arviv, CEO of Bragg Gaming. “Not only is this an excellent indication of the continued confidence of our investors, but it immediately contributed to the balance sheet, providing increased liquidity and flexibility for future growth. The Company is now in a position of more than $40M in cash and no debt, with a positive cash flow.”
The terms of the warrant indenture dated November 18, 2020 (the “Warrant Indenture”) allowed Bragg to accelerate the expiry date of the warrants in the event the daily volume weighted average trading price of the common shares of the Company ("Common Shares") on the TSX Venture Exchange exceeded $1.50 for at least 10 consecutive trading days (the “Trigger Event”) by providing written notice to the warrant holders (the "Acceleration Notice"). The Warrants, unless exercised, expired on the 30th day after the Company provided the Acceleration Notice (the "Accelerated Expiry Date").
As of the close of markets on January 19, 2021, the volume weighted average trading price of the Common Shares had traded in excess of $1.50 for at least 10 consecutive trading days. Accordingly, Bragg gave notice to all registered warrant holders that the expiry date for the Warrants was accelerated to February 22, 2021.
About Bragg Gaming Group
Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) is a global B2B gaming technology platform provider. With operations across Europe and North America, Bragg is expanding into an international force within the burgeoning global online gaming market. Bragg’s main brand is ORYX Gaming, an innovative business-to-business iGaming platform, casino content aggregator, managed sportsbook and managed services provider, offering cutting-edge content from leading studios.
For Bragg Gaming Group, contact:
Yaniv Spielberg, CSO, Bragg Gaming Group
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