Playgon Games Announced Intention to Settle Over 127,000 Dollars Worth of Debt

Playgon Games, the Canadian company which delivers mobile live dealer technology and content to online casino operators, has announced through a statement posted on its website that it intends to settle an aggregate of $127,036.67 of debt.

The respective debt represents interest payments that Playgon Games owes to those who hold convertible unsecured debentures previously issued by the company through the issuance of 2,540,731 common shares at a price of 5 cents per share.

The proposed issuance of Common Shares would amount to 2,425,732 of them, reflecting the settlement of interest payment debt worth 121,286.68 dollars. These payments are owed to company insiders who participated in the financing.

The respective debentures were issued by Playgon on December 29, 2023, following a debenture indenture dated January 19, 2023. That indenture stipulated that Playgon Games was authorized to satisfy interest payments through the issuance of Common Shares.

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The Canadian company managed to record impressive results in 2023. The latest figures were published in December 2023 for the third quarter of the year and Playgon Games announced that its Live Dealer platform generated revenue of 436,926 dollars for that quarter and 1,138,323 dollars for the first nine months of the year.

The revenue recorded in the third quarter of 2023 represented a 38 percent increase compared to the same quarter of 2022, while for the first nine months of the year the increase amounted to 69 percent compared to the same period of the previous year.

Moreover, other key metrics registered strong increases. The company reported that wagering turnover went up to 446 million dollars in the third quarter compared to just 396 million dollars in the previous quarter. Average daily wagering turnover for the third quarter was 4.88 million dollars, an increase of 11 percent compared to the previous quarter, when the company registered a figure of just 4.4 million dollars.

In other positive news, Playgon Games announced in January 2024 that its live casino titles have received certification from Gaming Laboratories International (GLI). The certification was very important for the company as it represented a technical requirement from the Alcohol and Gaming Commission of Ontario, the regulator that is in charge of the competitive gambling market in Canada’s most populous province.

Source:

“Playgon intends to settle an aggregate of $127,036.67 of debt“, playgon.com, April 8, 2024.