In accordance with Toronto TSX market rules, Canadian digital technology group Breaking Data Corp (BDC) has confirmed that it will undertake a ‘private subscription placement’ seeking to raise capital funds of CAD $12 million (€8 million).
Updating the market, BDC governance confirms the appointment of Toronto investment bank Eight Capital as sole book-runner for its upcoming transaction, which will offer private investors a ‘receipt’ issue price of CAD $0.50c.
As lead agent for BDC’s transaction, Eight Capital has been authorised the right to extend the subscription funding round to CAD $13.8 million (€9.3 million).
Proceeds from the subscription round will be primarily used to fund BDC’s agreed acquisition of online gambling platform and content provider Oryx Gaming for €7.5 million.
A strategic acquisition which was first announced on 23 August 2018, BDC governance seeks to complete its transaction, moving to develop its new online gambling asset Bragg Gaming Group.
The Bragg Gaming property is set to be led by former IGT Group and PokerStars executive, Dominic Mansour as inbound Bragg Gaming Chief Executive.
“This acquisition will transform the organization into a next-generation gaming group that will have a strong foundation for future growth with a significant opportunity to leverage the incumbent media assets and enter the exciting sports betting market. We are looking forward to updating investors on our strategy and future growth plans once the acquisition is closed,” Mansour commented on the TSX update.