Gaming Corps finalizes €2.8M financing agreement with Bracknor

Published August 11, 2017 at 12:21

Gaming Corps AB (Nasdaq: GCOR) and the Dubai based investment fund Bracknor have, in line with the previously entered LOI in July earlier this year, finalized a financing agreement amounting to up to EUR 2.8 million in the form of seven convertible loans, each of EUR 400 000.

"During the past few months we have signed a series of agreements with both financiers and gaming partners. With Bracknor's support, we safeguard the company's economy at the same time as it enables us to develop the company's potential faster", comments Gaming Corps' CEO Magnus Kolaas.

The convertible loans will have a mandatory conversion 12 months from issuance, at the latest. The conversion rate will be 90% of the lowest closing volume weighted average price (VWAP) during a 15 trading day period.

The convertible loans will be issued together with a subscription warrant package which entitles the lender to buy additional shares corresponding to 50% of the nominal value of the convertible loan with which they are issued. The subscription price is set to 120% of the lowest closing volume weighted average price (VWAP) during a 15 day trading period.

"This agreement with Gaming Corps is in line with Bracknor's plan to reinforce its presence in Sweden through partnership with outstanding, yet not fully-recognized businesses. We are excited to close out our first investment in the gaming industry and look forward to working hand in hand with the management to provide them with the flexibility they need over the years to come", says Hugo Pingray, partner at Bracknor, in a comment. 

About Bracknor:

Bracknor is a specialized investment fund based in Dubai (UAE) that invests globally in SMEs that bears unique competitive advantages and true potential, providing them with paramount working capital or growth capital needed to foster and ignite their growth.