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Bragg Gaming Group Jumps 9.4%, Closes Drayton International Acquisition

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Bragg Gaming Group (BRAG.TO) was up 9.4% in early trading after closing its $9 million acquisition of Drayton International, that was funded entirely through the issue of 4.5 million shares, the company said Wednesday.

The acquisition is Bragg's first foray into the advanced deposit wagering market, where

bettors fund an account in advance and place wagers on horse races, which it said is a fast-growing segment of U.S. gaming. Drayton's portfolio also includes equity stakes in licensed gaming studios, a statement said.

In connection with the close, all 751,445 subscription receipts issued at $1.73 apiece raising $1.3 million, have been automatically exchanged for an equivalent number of common shares and three-year warrants to buy a share at $2.16.

Matt Davey, founder and chair of investment fund Tekkorp Capital, has been appointed non-executive board chair. He has a 10.1% equity stake in Bragg on a non-diluted basis after participating in the financing. Davey takes the position from Holly Gagnon, who is stepping down.

Bragg shares were last seen up C$0.20, to C$2.33, on the Toronto Stock Exchange.

Price: $2.33, Change: $+0.20, Percent Change: +9.39%

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