Playgon Announces Intention to Complete a Private Placement of Unsecured Convertible Debentures and Shares for Debt Transaction

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[{"type":"text","content":"Playgon Announces Intention to Complete a Private Placement of Unsecured Convertible Debentures and Shares for Debt TransactionVancouver, British Columbia--(Newsfile Corp. - December 9, 2022) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) (\"Playgon\" or the \"Company\"), a proprietary SaaS technology company delivering mobile live dealer technology to online gaming operators globally, is pleased to announce its intention to complete a non-brokered unsecured convertible debenture private placement (the \"Debentures\") for gross proceeds of up to CAD$5,000,000 (the \"Offering\").The Debentures will mature 24 months following the closing of the Offering (the \"Maturity Date\") and each $1,000 Debenture will bear simple interest (the \"Interest\") at 10% per annum, calculated and paid semi-annually in arrears on the last day of June and December in each applicable calendar year. 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 5-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 the Debentures will 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 conversion price of CAD$0.10 (the \"Conversion Price\"), subject to standard adjustments. If, at any time after the initial statutory hold period of four months plus one day following the closing of the Offering, the Common Shares trade or close at a price equal to CAD$0.25 or more for 10 consecutive trading days on the TSXV (or such other stock exchange where the majority of trading volume occurs), the Company will have the right, in its sole discretion to force the conversion of the principal amount of the Debentures into Common Shares at the Conversion Price by giving notice via news release of its exercise of such right and thereafter the Debentures will be deemed satisfied and represent the right, on the tender thereof to the Company, to receive the Common Shares. Such ...

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