Champion Gaming (TSX-V:WAGR) Group Inc has said it intends to complete a non-brokered private placement of up to 3,000 convertible debentures at a price of C$1,000 each for gross proceeds of up to C$3 million.
The company said the proceeds of the offering will be used for general working capital purposes.
The maturity date of the debentures will be 24 months from the closing date. The holder of a debenture will have the right, from time to time and at any time on or prior to the maturity date, to convert all or any portion of the outstanding principal amount (but not any accrued and unpaid interest thereon) into units of the company, at a conversion price of $0.30 per unit, subject to adjustment.
Each unit will be comprised of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.50 each until the date that is 36 months from the closing date.
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Interest on the outstanding principal amount of the debentures will accrue from the original date of issue of the debentures at a rate of 8% per annum until the maturity date. Interest will be payable quarterly, in cash or common shares at the option of the company.
Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange.
All securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Champion Gaming is a sports content, data and analytics company that provides predictive and prescriptive analytical models and win probability applications and statistics in the sports industry for teams, media, fans, and bettors.
The sports analytical and data solutions currently offered by Champion to its customers include a fully customized probability engine, interactive sports matchup models, spread and over/under distributions, and sports statistics and historical data statistics.
Contact the author at jon.hopkins@proactiveinvestors.com