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Playgon Games Announces Debt Settlement through Common Shares Issuance

Posted on July 8, 2024 | 11:25 am
Playgon-Games-Inc,-PROPOSED-SHARES-FOR-DEBT

Playgon Games Inc., a proprietary SaaS technology company known for delivering advanced mobile live dealer technology and eTable games to online gaming operators worldwide, has announced its plan to settle $656,525 of debt. This debt represents interest payments owed to holders of previously issued convertible unsecured debentures. The company intends to settle this debt through the issuance of 22,582,498 common shares of Playgon at an issuance price ranging between $0.025 and $0.03 per share.

The proposed issuance includes the settlement of $418,650 in interest payment debt to insiders of Playgon Games, totaling approximately 13,954,999 common shares. These debentures were issued on January 19, 2023, March 24, 2023, May 3, 2023, and December 29, 2023, under a debenture indenture dated January 19, 2023, which has been supplemented on each of these dates. The indenture, between Playgon and Odyssey Trust Company as trustee, allows Playgon to satisfy any portion of interest payments through the issuance of common shares by notifying the trustee.

The shares-for-debt transaction is subject to the terms and conditions set forth in the policies of the TSX Venture Exchange (TSXV). The completion of this transaction and the issuance of the common shares require TSXV’s review and approval.

The issuance of common shares to insiders of Playgon will be considered a “related party transaction” according to TSXV Policy 5.9 and Multilateral Instrument 61-101. Playgon plans to use an exemption from the minority shareholder approval and valuation requirements under MI 61-101. This exemption is available as the fair market value of the transaction does not exceed 25% of the issuer’s market capitalization.

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Revenue Decrease in First Quarter

In its financial report for the first quarter of 2024, Playgon Games Inc. presented mixed results. The company reported a revenue of $230,289, which represents a 20% decrease compared to the same quarter the previous year. Additionally, the net loss increased by 12% to $4,489,773. These figures reflect a challenging period for Playgon, primarily attributed to the closure of a significant operator account.

However, beyond these setbacks, there were positive indicators for the company. Playgon observed a 65% increase in wagering turnover among its existing customer base, excluding the impact of the lost operator. This growth highlights the underlying strength and resilience of Playgon’s core business operations, suggesting that the revenue decline was largely due to an isolated incident rather than a widespread issue.

Source:

“Playgon announces that it intends to settle an aggregate of $656,525 of debt“, playgon.com, June 28, 2024.

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