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LAS VEGAS, Sept. 22, 2017 /CNW/ - NYX Gaming Group
Limited ("NYX" or the "Company") (TSX-V: NYX)
announces changes made on August 14,
2017 to certain terms of the exchangeable preferred shares
previously issued by a subsidiary in July
2015 and originally amended in January 2016. The changes were made in
conjunction with the previously announced repayment of $10 million unsecured convertible debentures held
by The Stars Group Inc. (formerly, Amaya Inc.) ("The Stars
Group") as part of the debt refinancing completed on
July 24, 2017. Unless otherwise
stated, all "$" figures are in Canadian dollars.
As part of the consideration for the acquisition of Amaya
(Alberta) Inc. (formerly Chartwell
Technology Inc.) and Cryptologic Limited from The Stars Group on
July 31, 2015 (the "Issue
Date"), a wholly owned subsidiary of NYX issued $40.0 million of exchangeable preferred shares
(the "Preferred Shares") to The Stars Group. The Preferred
Shares are convertible into ordinary shares of the Company based on
a pre-set exchange ratio (the "Exchange Ratio").
The following terms of the Preferred Shares changed on
August 14, 2017 upon mutual agreement
of the parties:
- The Exchange Ratio, which prior to the changes increased at a
rate of 3.0% every six months, was changed to increase at a rate of
3.5% every six months, commencing on July
31, 2017;
- Certain restrictions related to the ability of Amaya to
transfer the Preferred Shares were removed, provided minimum
advance notice is provided to the Company;
- The ability of the Company to unilaterally redeem the Preferred
Shares prior to July 31, 2020 was
limited; and
- A refinancing of any existing indebtedness now constitutes a
"NYX Financing Event" under the terms of the Preferred Shares.
About NYX Gaming Group Limited
NYX Gaming Group Limited is a leading digital gaming provider,
headquartered in Las Vegas,
Nevada, USA, with a staff of more than 1,200 employees
globally. NYX delivers value by adhering to the highest standards
of customer service, probity, and responsibility. It has one of the
broadest distribution bases in the industry, with over 200 unique
customers.
The award-winning NYX OGS™ (Open Gaming System), which allows
licensees to leverage the best-of-breed, multi-vendor casino
content from around the world, is acknowledged to be the industry's
market-leading gaming offering. From its own studios and a broad
partner network of the most innovative third party suppliers, NYX
offers customers a wide portfolio of content, with access to over
2,000 game titles, via OGS™.
In addition, NYX's award winning sports betting division OpenBet
is utilized and trusted by leading sports book operators, with its
scale and performance world-renowned. In 2016, the OpenBet
sportsbook processed more than two billion bets and broke new
records at the 2017 Grand National, where it processed 68,000
bets-per-minute.
NYX Gaming Group Limited is listed on the TSX Venture Exchange
under the symbol NYX. For more information about the group, visit:
www.nyxgaminggroup.com.
Neither the 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.
Forward-Looking Statements
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "intend", "estimate", "potential" or the
negative of these terms or other similar expressions.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to the anticipated benefits
resulting from the amendments to Preferred Shares. Forward-looking
statements are based on certain assumptions regarding the Company's
expected growth, results of operations, performance, industry
trends and growth opportunities.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive risks, uncertainties and
contingencies that could cause actual results to differ materially
from those expressed or implied in such statements. Investors are
cautioned not to put undue reliance on forward-looking statements.
Applicable risks and uncertainties include, but are not limited to:
credit, market, currency, operational, liquidity and funding risks,
including changes in economic conditions, interest rates or tax
rates, the impact of government regulation on the online gaming
industry and the risk that such regulation is subject to change,
competition from other providers of online gaming services, the
risks associated with international and foreign operations, the
impact of consolidations in the online gaming industry and the
other risks identified under the heading "Risk Factors" in the
Company's final long form prospectus dated December 18, 2014 and final short form
prospectuses dated July 9, 2015 and
July 14, 2016, each as filed on SEDAR
at www.sedar.com, and in other filings that the Company may make
with applicable securities authorities in the future. The
forward-looking statements contained herein reflect the Company's
current views with respect to future events, and except as required
by law, the Company does not intend, and undertakes no obligation,
to update any forward-looking statements to reflect, in particular,
new information or future events, or otherwise.
SOURCE NYX Gaming Group Limited