Playgon Games (TSX.V: DEAL) (OTC: PLGNF) (FSE: 7CR), a proprietary SaaS technology company delivering mobile live dealer technology to online gaming operators globally, has completed a previously announced brokered private placement. The placement includes 10% unsecured convertible debentures resulting in gross proceeds of CAD$2,550,000, an increase of 27.5% from the originally announced brokered financing amount. The company noted that the debenture will 24 months following issuance and that holders will be entitled to convert the principal amount of the debentures into common shares of stock at any time on or before the maturity date. According to the announcement, Playgon anticipates using the funds from the placement for ongoing sales and marketing efforts in Europe, to enter new markets including Latin America and North America, and for ongoing development costs as well as new tables with native language speaking dealers, general working capital and corporate purposes. The company also noted that one company shareholder, Kathleen Cook, has invested an additional CAD$6 million in the company by purchasing additional unsecured convertible debentures; in order to approve that financing, the company obtained the written consent from shareholder who have more than 50% of the total issued and outstanding common shares. The transaction makes Crook a new “control person.” “Darcy Krogh, President and CEO of Playgon Games, said, “I would like to thank the team at Pollitt & Co. Inc. and of course our major shareholder Ms. Kathleen Crook for their support,” said Playgon Games CEO and president Darcy Krogh in the press release. “With this additional funding, we are able to continue our journey of growth to profitability and the management and staff at Playgon appreciate the vote of confidence.”
To view the full press release, visit https://ibn.fm/WtbYZ
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. Playgon’s 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, Playgon products are ideal turnkey solutions for online casinos, sportsbook operators, land-based operators, media groups and big database companies. For more information about the company, please visit 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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