TORONTO, Jan. 21, 2021 (GLOBE NEWSWIRE) — Bragg Gaming Group Inc. (TSX.V: BRAG, OTC: BRGGF) (“Bragg” or the “Company”) announced today that it has elected to exercise its right under the terms of a warrant indenture dated November 18, 2020 (the “Warrant Indenture”) governing the common share purchase warrants of the Company issued on November 18, 2020 (the “Warrants”) to accelerate the expiry date of the Warrants.
Pursuant to the Warrant Indenture, the Company may accelerate the expiry of these Warrants at any time prior to 4:30pm (Toronto time) on November 18, 2023 in the event the daily volume weighted average trading price of the common shares of the Company (“Common Shares”) on the TSX Venture Exchange exceeds $1.50 for at least 10 consecutive trading days by providing written notice to the warrantholders (the “Acceleration Notice”). The Warrants will, unless exercised, expire on the 30th day after the Company provides the Acceleration Notice.
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 has given notice to all registered warrant holders that the expiry date for the Warrants is accelerated to February 22, 2021.
As of January 20, 2021, a total of 14,516,702 Warrants have yet to be exercised. Each Warrant is exercisable to acquire one Common Share at an exercise price of $1.00. If all Warrants are exercised, proceeds to the Company will total $15,673,292.
About Bragg Gaming Group
Bragg Gaming Group Inc. (TSXV: BRAG, OTC: BRGGF) is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg’s main portfolio is ORYX Gaming, an innovative B2B gaming technology platform and casino content aggregator.
Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry. Learn more at https://www.bragg.games.
For Bragg Gaming Group, contact:
Yaniv Spielberg, CSO, Bragg Gaming Group
For media enquiries or interviews, please contact:
Lina Sennevall, Square in the Air
For investor inquiries, please contact:
Tim Dawson, Bragg Gaming Group
For US investor inquiries, please contact:
Laine Yonker, Edison Group
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements or “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the ability of the Company to obtain financing to pay the earn-out payment due on September 30, 2020; the impact of COVID-19 on the business of Bragg; the countercyclical growth of the business of Bragg; the regulatory regime governing the business of Bragg; the operations of the Company; the products and services of the Company; Bragg’s customers; acquisition opportunities; the growth of Bragg’s business, which may not be achieved or realized within the time frames stated or at all; and the anticipated size and/or revenue associated with the gaming market in the U.S. and globally.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the ability of Bragg to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; the estimated size of the gaming market in the U.S. and globally; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.