Bragg Gaming Group (BRAG) said Friday it has received approvals from a Schedule I Canadian bank for an up to $6 million senior secured revolving credit facility.
The facility will be used for funding working capital, growth initiatives and for general corporate purposes, the company said.
The company added that the facility is set to become available after the repayment "in the next few weeks" of the remaining $2 million outstanding under the company's existing promissory note.
The lender under the note agreed to extend the note's maturity to July 15, Bragg Gaming said.
Compared with the note, the facility has "more favorable terms," such as lower borrowing costs and improved drawdown flexibility, the company said.
The company's shares rose over 7% in premarket activity Friday.
Price: 4.600, Change: +0.32, Percent Change: +7.46
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