Raise of a further £1.1 million

RNS Number : 5201V

B90 Holdings PLC

05 April 2023

 

5 April 2023

B90 Holdings plc

("B90" or the "Company")

B90 raises a further £1.1 million

B90 Holdings (AIM: B90), the online marketing and operating company for the gaming industry, today announces that it has raised a further £1.1 million through subscriptions for convertible loan notes ("Loan Notes") by existing and new investors in the Company.  The net proceeds raised will be used to develop the growth initiatives of the Company and for general working capital purposes. 

The Loan Notes have a term of three years from issue and are convertible no earlier than 1 January 2024, at the request of the Loan Note holder, at a 10% discount to the volume weighted average price for the five trading days prior to the conversion notice.  The Loan Notes are convertible, at the discretion of the Company, at any time and on the same terms.  The Loan Notes carry a coupon of 10% per annum, which shall accrue and be paid upon redemption or conversion.

Ronny Breivik, Interim Executive Chairman of B90 commented:

" The business has continued to perform in line with management expectations and our recent fundraisings are being deployed to invest in marketing operations and customer service.  Investment in our business operations is driving organic growth and we are making meaningful progress in identifying value accretive acquisitions."

"Overall, we remain confident about our future prospects and we look forward to giving a more detailed update at the time of the full year results, which we expect to be before the end of May 2023."

The information communicated in this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended. 

For further information please contact:

B90 Holdings plc   [phone]

Ronny Breivik, Interim Executive Chairman

Marcel Noordeloos, Chief Financial Officer

Strand Hanson Limited (Nominated Adviser)   [phone]

James Harris / Richard Johnson / Rob Patrick

Zeus Capital Limited (Broker)  [phone]

Louisa Waddell / Tim Dainton

Belvedere (Financial PR & IR)   [phone]

John West / Llewellyn Angus

About B90 Holdings plc

B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.

Website: www.b90holdings.com

 

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