Bragg Gaming agrees $7 million financing

Bragg Gaming Group has secured a $7 million boost to its finances as the company continues to review strategic alternatives for the business.

Bragg has issued a secured promissory note in the principal amount of US$7 million to entities controlled by Doug Fallon, Bragg’s managing director of group content and the founder of Wild Streak Gaming.

“This financing provides the Company’s balance sheet with additional flexibility as we continue to review strategic alternatives for maximizing shareholder value and execute against our strategy,” said Bragg chief executive Matevž Mazij.

“We would also like to thank The Lind Partners for their cooperation in providing a waiver consenting to the Note funding”.

The Lind Partners invested $8.7 million in Bragg in September 2022.

The new financing carries interest at an annual rate of 14 per cent, payable quarterly, and matures on April 25, 2025.

Mazij added: “After reporting another consecutive full year of strong revenue, gross profit and Adjusted EBITDA growth in 2023, we are exceptionally well placed to capitalize on our in-demand content, product and technology verticals in major iGaming markets in North America, Europe and LatAm. 

“From our market-leading player account management (“PAM”) platform and turnkey solutions to our unique casino content aggregation offering with Fuze promotional functionality and player journey management, as well as our ever-growing exclusive content portfolio, our product strategies are refined for each market we operate in.”

Shares in Bragg Gaming Group Inc. (TSE:BRAG) closed 0.85 per cent higher at CAD$8.28 per share in Toronto Friday.