Bragg Gaming Group signs $12.5 million bought deal public offering
TORONTO: A syndicate of underwriters co-led by Cormark Securities Inc. and Canaccord Genuity Corp. has agreed to purchase 17.86 units from the treasury of Bragg Gaming Group Inc., at a price of $0.70 per unit and offer them to the public by way of short form prospectus for total gross proceeds of approximately $12.5 million.
Each Unit will consist of one Common Share and one half of one Warrant of the Company. Each Warrant will entitle the holder thereof to purchase one Common Share at a price equal to $1.00 for a period of 36 months following the closing of the Offering.
The Warrants will include an acceleration provision, exercisable at the Company’s option, if the Company’s daily volume weighted average share price is greater than $1.50 for at least ten consecutive trading days.
In addition, the Company has granted the Underwriters an option to purchase up to an additional 15% of the Units of the Offering on the same terms exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.
The net proceeds of the Offering shall be used for growth initiatives, working capital and general corporate purposes.
Closing of the Offering is expected to occur on or about November 17, 2020 and is subject to regulatory approval including that of the TSX Venture Exchange.
The Units to be issued under the Offering will be offered by way of a short form prospectus in each of the provinces of Canada (other than Quebec), and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and certain other jurisdictions outside of Canada and the United States.
Bragg Gaming Group Inc. (TSXV:BRAG, OTC:BRGGF) is an innovative B2B online gaming solution provider. Leveraging their industry-leading technology, it offers a turnkey solution, including an omni-channel retail, online and mobile iGaming platform, as well as advanced casino content aggregator, sportsbook, lottery, marketing and operational services.
Renowned for its rapid and seamless integration, its content aggregator combines casino, slots, live dealer, lottery, virtual sports and instantwin game content from top tier gaming content providers, along with proprietary content, and is fully compliant with major regulated jurisdictions.
Capitalizing on its current portfolio and through targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry.
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