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Bragg Gaming announces bought-deal public offering to raise $12.5M

It has entered into an agreement with a syndicate of underwriters to purchase 17,860,000 units at $0.70 each and offer them to the public by way of short-form prospectus

Bragg Gaming Group - Bragg Gaming Group Inc announces bought-deal public offering to raise $12.5 million
The company plans to use the net proceeds for growth initiatives, working capital, and general corporate purposes

Bragg Gaming Group Inc (CVE:BRAG) (OTCMKTS:BRGGF) announced Monday a bought-deal public offering to raise $12.5 million. 

In a statement, the company said it plans to use the net proceeds for growth initiatives, working capital, and general corporate purposes.

Bragg has entered into an agreement with a syndicate of underwriters co-led by Cormark Securities Inc and Canaccord Genuity Corp to purchase 17,860,000 units at $0.70 each and offer them to the public by way of short-form prospectus.

READ: Bragg Gaming says its ORYX Gaming unit in prime position for market opening in Germany next year

Each unit will consist of one share and one half of one warrant, with each one entitling the holder to purchase one share for $1 apiece for 36 months following the closing of the offering on or about November 17. 

The warrants will include an acceleration provision, exercisable at the company's option if the company's daily volume-weighted average share price is greater than $1.50 for at least 10 consecutive trading days.

In addition, Bragg said it has granted the underwriters an over-allotment option to purchase up to an additional 15% of the units on the same terms exercisable at any time up to 30 days following the closing for market-stabilization purposes and to cover over-allotments, if any.

Bragg, based in Toronto, is an innovative B2B online gaming solution provider. Leveraging their industry-leading technology, it offers a turnkey solution, including an omni-channel retail, online and mobile iGaming platform, as well as advanced casino content aggregator, sportsbook, lottery, marketing and operational services. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Bragg Gaming Group

Price: 0.78 CAD

TSX-V:BRAG
Market: TSX-V
Market Cap: $88.72 m
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