Gaming Corps signs LOI with Bracknor in a move to secure additional financing

Published July 19, 2017 at 06:45

Gaming Corps (Nasdaq: GCOR) and the Dubai based investment fund Bracknor has signed a Letter of Intent regarding a financing solution of up to EUR 2.8 million in the form of seven convertible loans, each of EUR 400 000.

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.

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. www.bracknor.com