ORIGINAL: Global Gaming Secures USD $5.6M Financing from Alp
Vancouver, British Columbia--(Newsfile Corp. - March 18, 2019) - GLOBAL GAMING TECHNOLOGIES CORP. (CSE: BLOC.U) (FSE: BWSP) (OTC Pink: BLKCF) ("GGAM", or the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") to obtain funds in order to help finance its game development pipeline. This Agreement was entered into with European High Growth Opportunities Securitization Fund ("EHGO"), advised by Alpha Blue Ocean Inc. ("Alpha Blue") a money manager based in London, United Kingdom with a strong track record of partnering with public companies and delivering meaningful value to their shareholders. Alpha Blue's advisee, EHGO, has agreed to subscribe for up to USD $5,600,000 aggregate principal amount of senior unsecured convertible debentures (the "Notes") and accompanying warrants (the "Warrants"). The Notes shall be convertible into, and the Warrants shall be exercisable for, common shares ("Common Shares") in the capital of the Company, at prices to be determined at each closing under the Agreement. The Notes and accompanying Warrants shall be issuable in 12 separate tranches (each a "Tranche"). The Company shall issue the Notes in the principal amount of USD$550,000 for the first tranche (the "First Tranche") and the second tranche, and shall issue Notes in the principal amount of USD$450,000 for each additional Tranche (each, a "Subsequent Tranche") and, in respect of each Tranche, the accompanying Warrants, as applicable. The Notes shall bear no interest and the maturity date of the Notes shall be the date that is 12 months after their applicable issue date. Subject to regulatory compliance, the Notes shall be automatically converted into such number of Common Shares as is equal to the aggregate principal amount of the Notes being converted divided by the applicable conversion price, immediately following the earlier of: (i) five trading days after the delivery by the holder of a conversion notice, or (ii) the applicable maturity date of the Notes. In the event of a default under the Notes, there is an option to have the Notes redeemed in cash. On closing of the First Tranche the Company will also issue additional Notes representing a commitment fee equal to 5% of the aggregate amount of the Notes issuable under the Agreement based on the committed amount of the total investment. In addition to subscribing for the Notes, Alpha Blue has provided the Company with bridge financing in an aggregate amount of USD$100,000, which will be repaid from the subscription proceeds of the First Tranche. Further information regarding the financing terms can be found in the subscription agreement to be posted on SEDAR. This financing ensures the Company has adequate working capital to continue its operations. The Company intends to use the proceeds from the financing for general corporate purposes. Pierre Vannineuse, Founder & CEO of Alpha Blue Ocean commented, "We are excited to partner with Global Gaming Technologies, our first gaming company led by Nolan Bushnell, a great innovator and pioneer within the industry. This financing agreement will provide the team with the flexibility to continue developing and distributing novel games to the marketplace such as Amazon's Alexa-assisted board game: St. Noire." Chairman and CEO of GGAM, Nolan Bushnell has commented, "This financing will allow us to fulfill our commitments as we launch our first Amazon Alexa powered board game, St. Noire, where we have an exclusive partnership with Amazon. It also paves the way for the release of our other innovative upcoming games. When producing high quality games and building inventory, it is crucial to have financial partners like Alpha Blue Ocean to support our growth." On behalf of the Company: Nolan Bushnell, Chairman and CEO of the Company info@globalblockchain.io