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Bragg Gaming appoints new CEO in special meeting of shareholders

Interim CEO Adam Arviv will become the company's new chief executive

Bragg Gaming Group -
Bragg Gaming Group said its six nominees were all elected to the company's Board of Directors

Bragg Gaming Group Inc (CVE:BRAG) (OTCMKTS:BRGGF) announced Wednesday that Interim CEO Adam Arviv will become its new chief executive, following a special meeting of its shareholders.  

The company noted that the six nominees for its board of directors -- Adam Arviv, Richard Carter, Paul Pathak, James Ryan, Rob Godfrey, and Matevž Mazij -- were all elected by a majority of its shareholders.

Other items at the meeting that were approved include the previously-announced conversion of the second and final earn-out payment of €22 million (approximately C$34,289,200 ) owing to K.A.V.O. Holdings Limited into 47 million common shares of the company at a deemed conversion price of C$0.73.

READ: Bragg Gaming Group identifying online gaming opportunities in B2B and B2C arenas

Also approved was a special resolution authorizing the board to appoint one or more additional directors, up to no more than two directors, to hold office for a term expiring no later than the close of the next annual meeting. In addition, the company ratified an ordinary resolution to approve, adopt, and implement its omnibus equity incentive plan, which reserves 31.8 million common shares for issuance.   

Bragg Gaming also reported that of the 27,058,802 warrants issued in December 2018, 18,495,857 were exercised into common shares during the past 60 days and 8,562,945 expired. All in all, 19,456,928 warrants and 1,601,784 compensation options were exercised, raising C$15,604,175 in total.

It added that total gross proceeds from the recently completed bought deal offering was C$20,700,575, resulting in C$36,304,750 of gross proceeds received by the company from the warrant exercises and the bought deal offering.

Meanwhile, Bragg Gaming said it accepted the resignation of former CEO Dominic Mansour effective November 30, 2020, and he has also resigned from the company’s board.

Bragg Gaming was established in December 2018 to identify online gaming opportunities with a focus on both B2B and B2C gaming companies.

Its core businesses include: ORYX, an online casino technology group; GiveMeSport, a sports-focused media company, and Facebook’s largest sports publisher; as well as GiveMeBet, a UK-focused online sports betting brand and casino site that aims to draw viewers from GiveMeSport.

Contact Sean at [email protected]

Quick facts: Bragg Gaming Group

Price: 2.18 CAD

TSX-V:BRAG
Market: TSX-V
Market Cap: $257.17 m
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