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Bragg Gaming to distribute 27.05M units in connection with private placement

It has obtained a receipt from the three securities regulatory authorities qualifying the distribution of 27,058,802 units
A gaming table
The vision of Bragg Gaming is to shift away from Breaking Data’s focus on tech and AI to gaming and media

Bragg Gaming Group Inc (TSXV:BRAG) announced Thursday that it has received the green light to distribute 27,058,802 units from securities regulatory authorities in the provinces of British Columbia, Alberta and Ontario.

In a statement, the company said it had filed a short form prospectus in the three provinces and obtained a receipt from them, qualifying the distribution of the units, which are issuable on the exercise of 27,058,802 equity special warrants previously issued in December last year in a private placement.

Each unit is comprised of one common share of the company and one common share purchase warrant, with each warrant exercisable as a common share at a price of $0.76 per share at any time on or before November 29, 2020.

DEEP DIVE: Bragg Gaming moves chips to wager on US and sports betting

The prospectus also notes the distribution of 1,601,784 compensation options issuable upon exercise of 1,601,784 special warrant compensation options issued to Eight Capital, Canaccord Genuity Corp and Haywood Securities Inc as partial consideration for their services rendered in connection with the offering. Each compensation option is exercisable into a unit at an exercise price of $0.51 per unit until November 29, 2020.

The Bragg Gaming Group is a reincarnation of a gambling company called Breaking Data and debuted on the TSX Venture Exchange under the current name Bragg in December 2018.

It has three core businesses: Oryx, an online casino technology group; GiveMeSport, a sports-focused media company and Facebook’s (NASDAQ:FB) largest sports publisher with more than 26 million fans; as well as GiveMeBet, a new online sports betting brand and casino site that aims to draw viewers from GiveMeSport.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

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