Bragg Gaming Group settles US$5 million debt
Canadian online gaming supplier Bragg Gaming Group has announced it has settled US$5 million of an outstanding loan.
The existing promissory note is for US$7 million, lent by companies controlled by Group Director of Content Doug Fallon. Bragg Gaming Group has extended the remaining US$2 million maturity until June 6, 2025.
The extension of the secured promissory note was unanimously approved by group’s Board of Directors.
Bragg Gaming Group also stated that it is in the process of obtaining a new credit facility with a third-party. This new credit is expected to be on more favorable terms than the current loan, specifically with reduced borrowing costs and more flexibility on drawdown.
Speaking about the partial repayment and extension, Bragg Gaming Group Chief Financial Officer Robbie Bressler, said that it would strengthen the company’s balance sheet and enable it to grow further. “With a reduced need for working capital support, we’re focused on finalizing a new facility to secure standby credit, allowing for greater financial flexibility and enabling us to pursue strategic growth opportunities.”
In addition, a recent unaudited report from Bragg Gaming Group forecasted revenue growth of 9% for 2024 and double-digit growth in 2025.
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