Bragg Gaming Group has announced plans to raise up to $1.3 million through a non-brokered private placement, with the proceeds earmarked for general corporate purposes and working capital needs. The company expects the offering to close around 19 June, subject to regulatory approvals from the TSX, Nasdaq, and other relevant authorities.
The Toronto- and Las Vegas-based iGaming supplier intends to issue up to 751,445 subscription receipts at a price of $1.73 per receipt. If fully subscribed, the placement will generate approximately $1.3 million in gross proceeds.
Several company insiders are expected to participate in the financing round. Chief Financial Officer Robbie Bressler, Chief Operating Officer Morten Tonnesen, and director Thomas Winter have each indicated plans to acquire subscription receipts as part of the offering.
The fundraising also aligns with Bragg’s previously announced acquisition of an interest in Drayton Solutions and follows strategic efforts to strengthen its position in the global online gaming market.
In addition, Matt Davey, founder and chairman of Tekkorp Capital, plans to participate in the placement. Upon completion of the transaction, Davey is expected to become Bragg Gaming’s non-executive chairman and hold approximately 10% of the company’s outstanding shares on a non-diluted basis.
The company said the financing will provide additional flexibility as it continues pursuing growth opportunities across regulated iGaming markets.