Playgon Games (TSX-V:DEAL, OTCQB:PLGNF) Inc has announced it is planning to raise up to $5 million to help its expansion efforts.
In a statement, the Vancouver-based company outlined multiple uses for the proceeds from the offering, highlighted by a sales and marketing push to help the gaming firm expand globally.
Additional funds will be used for software engineering, product design, customer support and team leadership, to increase IT infrastructure, increase dealer staff and support staff, new studio locations, and US strategic initiatives including corporate licensing and certification, according to a statement.
READ: Playgon Games says updated player activity at its live dealer tables through to October 27, 2021, surpassed $54 million in player betting turnover
The offering is expected to consist of units of the company at a price of $0.30 per unit to total $5 million.
Each unit will comprise of one share and one half of one warrant, with each whole warrant entitling the holder to acquire one share at a price of $0.50 per share for a 24-month period.
The maturity date of the warrants will be subject to prior acceleration following closing of the proposed offering, at Playgon’s discretion, should its shares trade at a price of $1 per share or greater for a period of 20 consecutive trading days.
Funds will also be used for general working capital and corporate purposes.
Playgon is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. Its current software platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports.
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