VANCOUVER, BC, Nov. 3, 2021 /CNW Telbec/ - Playgon Games
Inc. (TSXV: DEAL) (OTCQB: PLGNF) (Frankfurt: 7CR) ("Playgon" or the
"Company"), a propriety SaaS technology company
delivering mobile live dealer technology to online gaming operators
globally, is pleased to announce that, further to the Company's
news releases dated October 28, 2021
and November 3, 2021, it intends
to upsize its previously announced non-brokered private placement
(the "Proposed Offering") of units of the Company
("Units"). The upsized Proposed Offering is expected to be
for gross proceeds of up to $9,000,000 through the sale of up to
30,000,000 Units at a price of $0.30
per Unit (up from the previously announced intention to raise up to
$5,000,000). Each Unit will be
comprised of one common share of the Company ("Common
Share") and one half of one Common Share purchase warrant
("Warrants"), with each whole Warrant entitling the holder
thereof to acquire one Common Share at a price of $0.50 per Common Share for a period of 24 months
from the closing date of the Proposed Offering. The press release
issued by the Company on November 3,
2021 mistakenly stated that the Units would be comprised of
one Common Share and one Warrant.
The maturity date of the Warrants will be subject to prior
acceleration following closing of the Proposed Offering, at the
discretion of the Company, should the Common Shares trade at a
price of $1.00 per share or greater
for a period of 20 consecutive trading days, the whole in
accordance with the terms of the Warrants. Each Unit (including the
underlying securities) will be subject to a hold period of four
months plus one day following the closing of the Proposed Offering.
In connection with the Proposed Offering, the Company intends to
pay certain finder's fees to certain registered brokers in the form
of cash or securities, or a combination of both, as permitted by
the policies of the TSX Venture Exchange (the "TSXV"), the
whole as per the Company's announcement on October 28, 2021.
Any net proceeds received by the Company from the Proposed
Offering are intended to be used to help fund (a) sales and
marketing programs for global expansion, (b) additional software
engineering, product design, customer support and team leadership,
(c) increase IT infrastructure, (d) increase dealer staff and
support staff, (e) new studio locations, (f) U.S. strategic
initiatives including corporate licensing and certification, and
(g) general working capital and corporate purposes.
The Proposed Offering is expected to close on or about
November 9, 2021, and remains subject
to certain conditions including, but not limited to, the receipt of
all necessary approvals, including the approval of the TSXV and
other customary closing conditions for transactions of this
nature.
The securities have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "1933
Act"), or any state securities laws and may not be offered or
sold in the United States or to,
or for the account or benefit of, U.S. persons (as defined in
Regulation S under the 1933 Act), except pursuant to an exemption
from the registration requirements of those laws. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities in the
United States, or for the account or benefit of U.S. persons
(as such term is defined in Regulation S under the 1933 Act).
About Playgon Games Inc.
Playgon is a SaaS technology company focused on developing and
licensing digital content for the growing iGaming market. The
Company provides a multi-tenant gateway that allows online
operators the ability to offer their customers innovative iGaming
software solutions. Its current software platform includes Live
Dealer Casino, E-Table games and Daily Fantasy Sports, which,
through a seamless integration at the operator level, allows
customer access without having to share or compromise any sensitive
customer data. As a true business-to-business digital content
provider, the Company's products are ideal turn-key solutions for
online casinos, sportsbook operators, land-based operators, media
groups, and big database companies.
For further information, please visit the Company's website at
www.playgon.com.
Forward-Looking Statements
This release contains forward-looking statements, including with
respect to the Company's intention or ability to complete the
Proposed Offering, the timing of closing the Proposed Offering and
the intended use of proceeds from the Proposed Offering.
Forward-looking statements, without limitation, may contain the
words believes, expects, anticipates, estimates, intends, plans, or
similar expressions. Forward-looking statements are not
guaranteeing of future performance. They involve risks,
uncertainties and assumptions and actual results could differ
materially from those anticipated. Forward-looking statements are
based on the opinions and estimates of management at the date the
statements are made and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Except for historical facts, the
statements in this news release, as well as oral statements or
other written statements made or to be made by Playgon, are
forward-looking and involve risks and uncertainties. In the context
of any forward-looking information please refer to risk factors
detailed in, as well as other information contained in the
Company's audited financial statements for the year ended
December 31, 2020, and Management
Discussion and Analysis for the year ended December 31, 2020, and other filings with
Canadian securities regulators (www.sedar.com). Readers are
cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements contained in this press
release represent Playgon's current expectations. Playgon disclaims
any intention and assumes no obligation to update or revise any
forward-looking information, except if required by applicable
securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Playgon Games Inc.
