Gaming Innovation Group (GiG) has announced the issuance of a subordinated convertible €8.5m ($10.4m) loan to two Nordic investment funds: Formue Nord A/S & Symmetry Invest A/S.
The supplier says the decision was influenced by last year’s successful turnaround and the group’s current momentum.
GiG believes regulation and digitalisation of the gambling industry is increasing in demand and that the proceeds from the convertible loan will be used to boost revenue-generating activities.
The term of the loan is 30 months and the bond will reach maturity on 28 June 2022. The loan can be converted at a share price of NOK15 ($1.73), with an interest of 8% per annum.
GiG CEO Richard Brown said: «Over the last 12 months GiG has simplified our business around our core B2B offering with significant growth in revenue and EBITDA for the first 9 months of 2020. As we are seeing continued expansion opportunities on all our three business segments we wanted to strengthen our cash position to be able to take advantage of those opportunities.”
CIO of Formue Nord Rasmus Viggers said: «We have been following GiG for a while and have been impressed by the progress in the business over the last year.
«We are happy we are able to support GiG with a flexible finance solution that is setting GiG up for further growth in the years ahead.»