Playgon Announces Closing of Non-Brokered Private Placement of Unsecured Convertible Debentures

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[{"type":"text","content":"Playgon Announces Closing of Non-Brokered Private Placement of Unsecured Convertible DebenturesVancouver, British Columbia--(Newsfile Corp. - December 29, 2023) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) (\"Playgon\" or the \"Company\"), a propriety SaaS technology company delivering mobile live dealer technology to online gaming operators globally, is pleased to announce that, further to its press release on November 30, 2023, it has completed a non-brokered private placement of unsecured convertible debentures (the \"Debentures\") for aggregate gross proceeds to the Company of CAD$4,971,000 (the \"Non-Brokered Offering\"). The Debentures will mature on December 29, 2024 and each $1,000 principal amount of Debenture will bear simple interest at 10% per annum, calculated and paid quarterly in arrears. The Company may, at its sole discretion, subject to the approval of the TSX Venture Exchange (the \"TSXV\"), elect to pay the accrued interest in cash or in common shares of the Company (\"Common Shares\") at a price per share equal to the 25-day VWAP of the Common Shares on the TSXV (or such other stock exchange where the majority of trading volume occurs) immediately preceding the date interest is due, subject to such deemed issuance price being no less than the maximum allowable discount permitted by the TSXV. Holders of Debentures will also be entitled to convert the principal amount of the Debentures at any time on or prior to the maturity date into Common Shares at a price of $0.05 per Common Share, subject to standard adjustments. The Debentures will not include any forced acceleration or early redemption rights by the Company. Any net proceeds raised from the Non-Brokered Offering is intended to be used by the Company to fund ongoing sales and marketing efforts in core European jurisdictions, to enter new markets including Latin America and North America, ongoing development costs, launch new proprietary table game content, as well as for general working capital and corporate purposes.A portion of the Non-Brokered Offering representing $4,746,000 or 95.5% of the total offering pursuant to the closing constitutes a \"related party transaction\" and is subject to Multilateral Instrument 61-101 (\"MI 61-101\") and TSXV Policy 5.9, notably as a result of an additional investment by a significant shareholder ...

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