Bragg Gaming Brings In $16.0 Million From Forced Warrant Acceleration
Bragg Gaming (TSX: BRAG) this morning reported that the accelerated expiry of certain warrants occurred as of yesterday. Warrants expired are in connection with a financing conducted on November 18, 2020 by the company.
Under the terms of the warrant indenture, the company was able to accelerate the expiry of the warrants in the event that the company traded above $1.50 for ten consecutive days on a volume weighted basis. That trigger was met on January 19, 2021, after which the company accelerated the expiry of the warrants.
Warrants issued in connection with the financing were priced at $1.00 per common share, with an estimated 14.8 million warrants issued under the financing, along with an additional 1.8 million broker warrants. In total, 16.56 million warrants were issued in connection with the financing.
The company reported that a total of $16.0 million in gross proceeds were received from the financing, while all outstanding warrants have now expired. Proceeds are reportedly to be used for increased liquidity and flexibility for future growth, with the funds to strengthen the firms balance sheet.
Bragg Gaming last traded at $2.77 on the TSX.
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