Champion Gaming Announces Private Placement of Promissory Notes
Toronto, Ontario–(Newsfile Corp. – July 15, 2022) – Champion Gaming Group Inc. (TSXV: WAGR) (“Champion of the game“or the”Company“) is pleased to announce that it intends to complete a non-brokered private placement of an aggregate principal amount of $800,000 in secured convertible promissory notes (each a “To note“) at a price of $1,000 per ticket for gross proceeds of up to $800,000 Canadian (the “Offer“). The due date (the “Due date“) of the Notes shall be for twenty-four (24) months from the Closing Date. Noteholders shall have the right, from time to time and at any time on or before the Maturity Date, to convert all or part part of the unpaid principal amount (but not accrued and unpaid interest thereon) in shares of common stock (each, a “Ordinary share“) of the Company, at a conversion price of $0.20 per common share. The Notes will be secured by a general security agreement over the assets of the Company and the proceeds of the offering will be used for general working capital purposes. .
Interest on the unpaid principal amount of the Notes will accrue from the date of the original issue of the Notes at a rate of fifteen percent (15%) per annum until the date of maturity. Interest will be payable quarterly, in cash or common shares, at the option of the Company, at the then prevailing market price of the common shares, subject to the policies of the TSX Venture Exchange (the “TSXVNoteholders will also receive a number of Common Shares as a loan premium in connection with the issuance of the Notes, such number of Common Shares will represent twenty percent (20%) of the Principal Amount of the Notes divided by the Market Price (as defined and determined in accordance with the policies of the TSXV) In addition, if the Company elects to repay any principal amount of the Notes prior to the Maturity Date, the Company will pay a prepayment penalty an amount equal to the amount of interest that would otherwise be payable up to the maturity date in cash or in common shares at the option of the Company at the then prevailing market price of the common shares, subject to the policies of the TSXV.
The closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSXV. All securities issued under the Offering will be subject to a hold period of four months plus one day from the date of issue and the resale rules of applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy and there will be no sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Law“), or the securities laws of any state in the United States and may not be offered or sold in the United States (as defined in Regulation S of the United States Securities Act) unless registered under United States securities law and applicable state securities laws or under an exemption from such registration requirements.
About Champion Gaming
Champion Gaming is a sports content, data and analytics company that provides predictive and prescriptive analytical models and win probability applications and statistics in the sports industry for teams, media, fans and fans. punters. Sports data and analytics solutions currently offered by Champion to its customers include: a fully customized probability engine, interactive sports match models, splits and over/unders, as well as sports statistics and historical data.
For more information, please contact:
Champion Gaming Group Inc.
Chief executive officer
Such. : 416.843.2881
E: [email protected]
Caution regarding forward-looking information
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.
This press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management as of the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause events or actual results differ materially from those projected in the forward-looking information. – search for information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s MD&A. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.
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