NYX Provides Update On Previous Refinancing Matters
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LAS VEGAS, Sept. 22, 2017 /CNW/ - NYX Gaming Group Limited ("NYX" or the "Company") (TSX-V: NYX) announces changes made on August 14, 2017 to certain terms of the exchangeable preferred shares previously issued by a subsidiary in July 2015 and originally amended in January 2016. The changes were made in conjunction with the previously announced repayment of $10 million unsecured convertible debentures held by The Stars Group Inc. (formerly, Amaya Inc.) ("The Stars Group") as part of the debt refinancing completed on July 24, 2017. Unless otherwise stated, all "$" figures are in Canadian dollars.
As part of the consideration for the acquisition of Amaya (Alberta) Inc. (formerly Chartwell Technology Inc.) and Cryptologic Limited from The Stars Group on July 31, 2015 (the "Issue Date"), a wholly owned subsidiary of NYX issued $40.0 million of exchangeable preferred shares (the "Preferred Shares") to The Stars Group. The Preferred Shares are convertible into ordinary shares of the Company based on a pre-set exchange ratio (the "Exchange Ratio").
The following terms of the Preferred Shares changed on August 14, 2017 upon mutual agreement of the parties:
- The Exchange Ratio, which prior to the changes increased at a rate of 3.0% every six months, was changed to increase at a rate of 3.5% every six months, commencing on July 31, 2017;
- Certain restrictions related to the ability of Amaya to transfer the Preferred Shares were removed, provided minimum advance notice is provided to the Company;
- The ability of the Company to unilaterally redeem the Preferred Shares prior to July 31, 2020 was limited; and
- A refinancing of any existing indebtedness now constitutes a "NYX Financing Event" under the terms of the Preferred Shares.
About NYX Gaming Group Limited
NYX Gaming Group Limited is a leading digital gaming provider, headquartered in Las Vegas, Nevada, USA, with a staff of more than 1,200 employees globally. NYX delivers value by adhering to the highest standards of customer service, probity, and responsibility. It has one of the broadest distribution bases in the industry, with over 200 unique customers.
The award-winning NYX OGS™ (Open Gaming System), which allows licensees to leverage the best-of-breed, multi-vendor casino content from around the world, is acknowledged to be the industry's market-leading gaming offering. From its own studios and a broad partner network of the most innovative third party suppliers, NYX offers customers a wide portfolio of content, with access to over 2,000 game titles, via OGS™.
In addition, NYX's award winning sports betting division OpenBet is utilized and trusted by leading sports book operators, with its scale and performance world-renowned. In 2016, the OpenBet sportsbook processed more than two billion bets and broke new records at the 2017 Grand National, where it processed 68,000 bets-per-minute.
NYX Gaming Group Limited is listed on the TSX Venture Exchange under the symbol NYX. For more information about the group, visit: www.nyxgaminggroup.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "potential" or the negative of these terms or other similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the anticipated benefits resulting from the amendments to Preferred Shares. Forward-looking statements are based on certain assumptions regarding the Company's expected growth, results of operations, performance, industry trends and growth opportunities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to: credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates, the impact of government regulation on the online gaming industry and the risk that such regulation is subject to change, competition from other providers of online gaming services, the risks associated with international and foreign operations, the impact of consolidations in the online gaming industry and the other risks identified under the heading "Risk Factors" in the Company's final long form prospectus dated December 18, 2014 and final short form prospectuses dated July 9, 2015 and July 14, 2016, each as filed on SEDAR at www.sedar.com, and in other filings that the Company may make with applicable securities authorities in the future. The forward-looking statements contained herein reflect the Company's current views with respect to future events, and except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise.
SOURCE NYX Gaming Group Limited
For Media Enquiries please contact: Huw Thomas, Chief Corporate Development and Marketing Officer, NYX Gaming Group, E: [email protected]; For Investor Relations Enquiries please contact: Dennis Fong, Investor Relations, NYX Gaming Group, E: [email protected].
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