VANCOUVER, B.C. – Jackpot Digital has closed the third and final tranche of its debenture financing, raising aggregate gross proceeds of CAD $8,932,103, which exceeds the previously announced amount of CAD $7,500,000. The debentures bear interest at the rate of 10% per annum, and are convertible at the price of $0.075 per share in the first year and at $0.10 per share in subsequent years. The company has also issued an aggregate of 36,936,137 share purchase warrants exercisable at $0.10 per share for a period of five years. All the securities issued are subject to the statutory hold period, which will expire on December 1, 2024.
“We initially set out to raise CAD $3 million and ended up raising almost CAD $9 million,” said Jake Kalpakian, Jackpot President & CEO. “The overarching result of this financing will enable the company to focus on its operations. The additional funds will provide the company with the capital to fund our growth in the U.S., as well as expanding into Canada and other international markets.”
Jackpot Digital is a manufacturer of dealerless multiplayer electronic poker tables for the cruise ship and land-based regulated casino industries. The company specializes in dealerless poker, which is complemented by a robust suite of backend tools for casino operators to efficiently control and optimize their poker business.
