The funds provided by Lind Global will be used to execute Bragg’s growth initiatives and expansion plans.
The funding agreement will, however, contain restrictions on how much money Bragg can convert in any particular month. This restriction limits conversion to 1/20 of total funds per month.
Alongside the funding it will provide, Lind Global will be issued a warrant to purchase up to 979,048 common shares for CA$9.28 (US$7.07) per share for 60 months.
Bragg CEO Yaniv Sherman said: “We highly appreciate the confidence demonstrated by Lind and we are excited about the opportunity this growth capital affords Bragg.
“For more than a decade, Lind has demonstrated a tremendous record of success supporting growth companies, and we are confident that Bragg is well positioned to further deliver on our strategic initiatives.
“Our focus on enhancing our proprietary content development capabilities and our continued expansion into new regulated iGaming markets, including North America, have driven a significant increase in Bragg’s revenue as well as margin expansion, which has resulted in strong adjusted EBITDA growth."
Lind Partners Managing Director Philip Valliere added: “Lind is extremely excited about its investment in Bragg.
“Bragg has rapidly grown its gaming technology businesses and continues to expand its footprint, globally. We look forward to working with Bragg’s management team as it further expands and penetrates new key gaming markets while continuing to drive profitability.”
Sherman was appointed Bragg Gaming CEO in June after many years with 888 Holdings and this funding may well be an example of his early impact.