Jackpot Digital Announces Closing of the Private Placement and Jackpot's First Payment to Its Major Debentureholders
- The company has closed a private placement of convertible debentures, raising aggregate gross proceeds of Cdn$614,170.
- The company has issued share purchase warrants exercisable at $0.10 per share.
- The total proceeds raised in all three tranches is $3,579,952.50.
- Casino entrepreneur Lyle Berman has increased his position in the company.
- The company has made its first payment to the debentureholders and has a remaining payment schedule with a potential reduction in interest payments.
- None.
VANCOUVER, BC / ACCESSWIRE / August 17, 2023 / Jackpot Digital Inc. (the "Company" or "Jackpot") (TSXV:JJ)(TSXV:JJ.WT.B)(TSXV:JJ.WT.C)(US OTCQB:JPOTF) (Frankfurt Exchange:LVH3) announces that further to the Company's News Releases dated July 10, 2023, July 31, 2023 and August 2, 2023, the Company has closed the third and final tranche of the private placement of convertible debentures (the "Debentures") for aggregate gross proceeds of Cdn
The Company has paid to arm's length parties finder's fees of
The Company's President & CEO, Mr. Jake Kalpakian, through his private company, participated in the third tranche of the private placement of convertible debentures and such participation is considered to be a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company relied upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5 (c) and 5.7 (1)(a) of MI 61-101 in respect of related party participation in the offering.
Proceeds from the private placement convertible debenture financing will be utilized towards regulatory licensing fees and related expenses in multiple jurisdictions to facilitate the widespread placement of Jackpot Blitz® ETGs, and for general working capital.
Well-respected casino entrepreneur, Mr. Lyle Berman, added to his position by subscribing for approximately Cdn
The Company is also pleased to announce that further to its News Release dated July 10, 2023, the Company has made its first payment to the Debentureholders in the amount of US
Jackpot's CEO & President Mr. Jake Kalpakian states "We're very pleased with the momentum of our operations. The closing of our latest financing has allowed the Company to make the first payment to the Debentureholders and has put the Company in the position to save over Cdn
Mr. Kalpakian further adds, "All of the above combined with the fact that we are making progress in obtaining GLI certification and regulatory approvals for the land-based regulated market positions us for a promising future."
About Jackpot Digital Inc.
Jackpot Digital Inc. is a leading electronic table games manufacturer for the cruise ship industry and regulated casino industry. The Company specializes in multiplayer gaming products, including poker and casino games, which are complemented by a robust suite of backend tools for operators to efficiently control and optimize their gaming business.
For more information on the Company, please contact Jake H. Kalpakian, President and CEO, at (604) 681- 0204 ext. 6105, or visit the Company's website at www.jackpotdigital.com.
On behalf of the Board of Jackpot Digital Inc.
"Jake H. Kalpakian"
Jake H. Kalpakian,
President & CEO
Trading in the securities of the Company should be considered speculative.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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 news release.
Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding Jackpot's future plans, the obtaining of customary regulatory approvals, projected or proposed financings, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "objective", "believe", "expect", "propose", "anticipate", "intend", "plan", "plans" "estimate", and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, projections or estimations are accurate. Readers, shareholders and investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.
SOURCE: Jackpot Digital Inc.
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FAQ
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