Playgon Games Announces Secured Promissory Note with Pure Live Entertainment
Playgon Games (TSXV: DEAL, OTC: PLGNF) has entered into a secured promissory note with Pure Live Interactive, a related party. The note provides for advances over a 6-month term with a 10% annual interest rate. The loan is secured by guarantees from Playgon's subsidiaries and their assets. The TSXV has conditionally approved the loan for up to CAD$5 million, with an initial advance of USD$350,000. Due to this agreement, James Penturn has resigned as chairman, with CEO Darcy Krogh appointed as the new chairman.
Playgon Games (TSXV: DEAL, OTC: PLGNF) ha stipulato un notaio garantito con Pure Live Interactive, una parte correlata. Il notaio prevede anticipi su un termine di 6 mesi con un tasso d'interesse annuale del 10%. Il prestito è garantito dalle garanzie delle filiali di Playgon e dai loro beni. Il TSXV ha approvato condizionatamente il prestito fino a CAD$5 milioni, con un'anticipazione iniziale di USD$350,000. A causa di questo accordo, James Penturn si è dimesso da presidente, mentre il CEO Darcy Krogh è stato nominato nuovo presidente.
Playgon Games (TSXV: DEAL, OTC: PLGNF) ha firmado una nota prometedora asegurada con Pure Live Interactive, una parte relacionada. La nota prevé anticipos durante un plazo de 6 meses con una tasa de interés anual del 10%. El préstamo está asegurado por garantías de las subsidiarias de Playgon y de sus activos. El TSXV ha aprobado condicionalmente el préstamo por hasta CAD$5 millones, con un anticipo inicial de USD$350,000. Debido a este acuerdo, James Penturn ha renunciado como presidente, siendo nombrado el CEO Darcy Krogh como el nuevo presidente.
플레이곤 게임즈 (TSXV: DEAL, OTC: PLGNF)는 관련 당사자인 퓨어 라이브 인터랙티브와 함께 담보가 설정된 약속어음을 체결했습니다. 이 약속어음은 6개월 동안의 기간에 대해 연 10% 이자율로 선지급을 규정하고 있습니다. 대출은 플레이곤의 자회사와 그 자산의 보증으로 담보됩니다. TSXV는 최대 CAD$5백만의 대출을 조건부 승인하였으며, 초기 선지급액은 USD$350,000입니다. 이 계약으로 인해 제임스 펜턴은 회장직에서 사임하였고, CEO인 다르시 크로그가 새로운 회장으로 임명되었습니다.
Playgon Games (TSXV: DEAL, OTC: PLGNF) a conclu un billet à ordre garanti avec Pure Live Interactive, une partie liée. Le billet prévoit des avances sur une durée de 6 mois avec un taux d'intérêt annuel de 10%. Le prêt est garanti par des garanties des filiales de Playgon et de leurs actifs. La TSXV a approuvé conditionnellement le prêt jusqu'à 5 millions CAD, avec une avance initiale de 350 000 USD. En raison de cet accord, James Penturn a démissionné de son poste de président, et le PDG Darcy Krogh a été nommé nouveau président.
Playgon Games (TSXV: DEAL, OTC: PLGNF) hat eine gesicherte Schuldscheinvereinbarung mit Pure Live Interactive, einer verbundenen Partei, getroffen. Der Schuldschein sieht Vorauszahlungen über einen Zeitraum von 6 Monaten zu einem jährlichen Zinssatz von 10% vor. Das Darlehen ist durch Sicherheiten von Playgons Tochtergesellschaften und deren Vermögenswerten gesichert. Die TSXV hat das Darlehen bedingt bis zu CAD$5 Millionen genehmigt, mit einer anfänglichen Vorauszahlung von USD$350,000. Aufgrund dieser Vereinbarung hat James Penturn als Vorsitzender zurückgetreten, CEO Darcy Krogh wurde als neuer Vorsitzender ernannt.
- Secured additional funding through promissory note
- TSXV conditional approval for up to CAD$5 million in funding
- Immediate access to USD$350,000 in initial advance
- 10% annual interest rate on borrowed funds
- Short 6-month term for loan repayment
- Related party transaction may present conflicts of interest
- Chairman resignation due to potential conflicts
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) ("Playgon" or the "Company"), a propriety SaaS technology company delivering 'state of the art' mobile live dealer technology and eTable games to online gaming operators globally announces that it has entered into a secured promissory note (the "Note") with Pure Live Interactive Ltd. (the "Noteholder"), a related party of Playgon, pursuant to which the Noteholder has agreed, for a period of 6 months following closing (the "Term"), to make available to Playgon, in the Noteholder's sole discretion, one or more advances of immediately available funds over the Term, which advances would carry an annual interest rate equal to
All advances made pursuant to the Note shall be guaranteed by a guarantee granted by Playgon Interactive Inc. ("Interactive"), Playgon Malta Limited ("Playgon Limited") and Playgon Malta Holding Limited ("Playgon Holding"), subsidiaries of Playgon, in favor of the Noteholder and secured by a grant of security interest in all of Playgon's and Interactive's (including its subdiaries) present and after acquired personal property , a pledge of the shares held by Playgon in Playgon Holding and a pledge of the shares of Playgon Holding in Playgon Limited, as further specified in the applicable security agreements. The aggregate unpaid principal amount of the Loan, all accrued and unpaid interest and all other amounts payable under the Note shall be due and payable as at the expiry of the Term. Playgon may, at its discretion, prepay the Loan, in whole or in part at any time and from time to time by paying the principal amount to be prepaid, together with accrued interest thereon to date of prepayment. Playgon is also subject to various covenants and obligations under the Note customary for transactions of this nature.
Net proceeds received by the Company pursuant to advances made under the Note are intended to be used by the Company for operating expenses, general corporate purposes and capital expenditures.
The Noteholder is a company owned by Ms. Kathleen Crook, a current "control person" of Playgon. The sole director and officer of the Noteholder is Mr. James Penturn, the current chairman of the Company. The Loan constitutes a "related party transaction" in accordance with TSXV Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). Playgon intends to rely on an available exemption pursuant to section 5.7(f) of MI 61-101 from the minority shareholder approval requirements.
The Loan remains subject to the final approval of the TSX Venture Exchange ("TSXV"). The TSXV has conditionally approved the Loan for an amount of up to CAD
Board Changes
The Company is also announcing that, effective as of the date hereof, and due to the nature of this agreement and to mitigate any potential conflict of interest issues, Mr. James Penturn, the current chairman and a member of the board of Playgon, has tendered his resignation to the Company. Mr. Darcy Krogh, the current chief executive officer and member of the board, will be appointed as chairman of the Company and Mr. Mike Marrandino will continue to act as lead independent director.
"On behalf of Playgon, I would like to thank Jim for the continued and unwavering support of the Company," said Darcy Krogh CEO of Playgon. "Jim's contribution to the executive team and the board has been invaluable."
About Playgon Games Inc.
Playgon is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. The Company provides a multi-tenant gateway that allows online operators the ability to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games, which, through a seamless integration at the operator level, allows customer access without having to share or compromise any sensitive customer data. As a true business-to-business digital content provider, the Company's products are ideal turn-key solutions for online casinos, sportsbook operators, land-based operators, media groups, and big database companies. For further information, please visit the Company's website at www.playgon.com.
For further information, contact:
Mike Marrandino, Director
Tel: (604) 722-5225
Email: mikem@playgon.com
Forward-Looking Statements
This release contains forward-looking statements, including with respect to the Loan generally, including what advances, if any, will be made available to the Company, the Company's intended use of proceeds and the final approval of the TSXV. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guaranteeing of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Playgon, are forward-looking and involve risks and uncertainties. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's audited financial statements for the year ended December 31, 2023 and Management Discussion and Analysis for the year ended December 31, 2023 and other filings with Canadian securities regulators (www.sedarplus.ca). Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release represents Playgon's current expectations. Playgon disclaims any intention and assumes no obligation to update or revise any forward-looking information, except if required by applicable securities laws.
Neither 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228297
FAQ
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