Nordic investment funds namely, Formue Nord A/S & Symmetry Invest A/S have been provided with $10.4 million loan by the Gaming Innovation Group (GiG) as reported by Gambling Insider.
GiG intends to use the convertibles from the loan for more revenue generating activities. The step has been taken keeping in mind the growing digitalization of the gambling industry.
As per reports, the term of the loan is 30 months and the bond will reach maturity on 28 June 2022. The loan is subordinated convertible.
Gambling Insider reported the statements of the CEO of the two companies as below.
GiG CEO Richard Brown said: “Over the last 12 months GiG has simplified our business around our core B2B offering with significant growth in revenue and EBITDA for the first 9 months of 2020. As we are seeing continued expansion opportunities on all our three business segments we wanted to strengthen our cash position to be able to take advantage of those opportunities.”
CIO of Formue Nord Rasmus Viggers said: “We have been following GiG for a while and have been impressed by the progress in the business over the last year. We are happy we are able to support GiG with a flexible finance solution that is setting GiG up for further growth in the years ahead.”