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.