Toronto, Ontario--(Newsfile Corp. - January 19, 2023) - Champion Gaming Group Inc. (TSXV: WAGR) ("Champion Gaming" or the "Company") announced today that it has entered into a secured promissory note (the "Promissory Note") with an arm's length creditor to the Company (the "Creditor"), in the principal amount of $300,000 (the "Principal Amount"). The Promissory Note is secured by a general security agreement over the assets of the Company and will mature twelve (12) months from the date of issuance (the "Maturity Date") and will be used by the Company for general working capital purposes. In connection with the Promissory Note, the Company issued an aggregate of 600,000 common shares (the "Common Shares") of the Company, representing 20% of the Principal Amount divided by the Market Price (as defined and determined in accordance with the policies of the TSX Venture Exchange) at a deemed price of $0.10 per Common Share as a loan bonus.
Interest on the outstanding Principal Amount of the Promissory Note will accrue from the original date of issue at a rate of twenty percent (20%) per annum until the Maturity Date. Interest payments will be paid monthly five (5) business days from last calendar day of each month, commencing on January 31, 2023 until the Maturity Date or such earlier date on which the Promissory Note is repaid.
All Common Shares issued in connection with the Promissory Note will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
About Champion Gaming
Champion Gaming is a sports content, data and analytics company that provides predictive and prescriptive analytical models and win probability applications and statistics in the sports industry for teams, media, fans, and bettors. The sports analytical and data solutions currently offered by Champion to its customers include: a fully customized probability engine, interactive sports matchup models, spread and over/under distributions, and sports statistics and historical data statistics.
Further information on Champion Gaming can be found on SEDAR at www.sedar.com.
For further information, please contact:
Champion Gaming Group Inc.
Chief Executive Officer
Cautionary Statement on Forward-Looking Information
Neither the 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.
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is 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 information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151879