Gaming Innovation Group Inc. (GiG) has today agreed to convert the EUR 8.5 million convertible loan entered into in December 2020. The conversion will lower the overall leverage ratio and strengthen the balance through increased equity.
GiG will issue 6.6 million new shares to the lenders that covers the outstanding loan, accrued interest and a termination fee for early termination. The new shares are expected to be issued on or before 31 May 2021 and are subject to portioned lock-up. The Company's share capital will increase from USD 90,075,626 to USD 96,675,626 and the number of outstanding shares will increased from 90,075,626 to 96,675,626 (par value USD 1.00). The new shares will be issued by the board of directors under the Company's 100,000,000 authorized shares.
Andreas Aaen, CEO of Symmetry Invest says: "We are full of admiration for the progress GiG have made over the past 18 months and with this conversion Symmetry will become one of the largest shareholders in GiG. We feel strongly about the future of GiG and as a vote of confidence have chosen to sign a 12 month lockup agreement for our converted shares".
Richard Brown, Chief Executive Officer of GiG says: "I am very pleased to see the performance of the Company be reflected in the two lenders appetite to convert the loan after only 5 months, I am happy to have strong and supportive shareholders going forward."
About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group's vision is `To be the industry leading platform and media provider delivering world class solutions to our iGaming partners and their customers. GiG's mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com
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