Global Gaming Technologies announces US$5.6M financing for gaming development

Global Gaming Technologies Corp (CSE:GGAM.U) announced Tuesday a US$5.6 million financing for its game development pipeline and said it was taking pre-orders for its Amazon Alexa-powered St. Noire game.

The company said the European High Growth Opportunities Securitization Fund, advised by London-based Alpha Blue Ocean Inc, has agreed to subscribe to senior unsecured convertible debentures and accompanying warrants. The notes will be convertible into, and the warrants will be exercisable for, common shares at prices to be determined.

In addition, the Vancouver-based company said customers can now pre-order “St. Noire,” described as the first board game powered by Amazon Alexa, from its X2 Games subsdiary. The price is US$39.99. In the game, players question suspects using voice commands and piece together clues to solve the case before time runs out. 

READ: Global Gaming Technologies consolidates shares, changes ticker

“St. Noire represents the first of its class,” Zai Ortiz, co-founder, president and chief creative officer of X2 Games, said in a statement. “This is a one-of-a-kind and revolutionary breakthrough in not just technology, but also in how humans interact with it in a positive and exciting format in everyday life. This is the beginning of the future of gaming.”

Under the financing, the notes and accompanying warrants will be issuable in 12 separate tranches. The company will issue the notes in the principal amount of US$550,000 for the first and second tranche, and it will issue notes in the principal amount of US$450,000 for each additional tranche. The notes will bear no interest, and the maturity date of the notes will be 12 months after their applicable issue date.

In addition, Alpha Blue has provided the company with bridge financing in an aggregate amount of US$100,000, which will be repaid from the subscription proceeds of the first tranche.

‘Paves the way’

“This financing will allow us to fulfill our commitments as we launch our first Amazon Alexa powered board game, St. Noire, where we have an exclusive partnership with Amazon,” Global Gaming Chairman and CEO Nolan Bushnell said in a statement. “It also paves the way for the release of our other innovative upcoming games. When producing high quality games and building inventory, it is crucial to have financial partners like Alpha Blue Ocean to support our growth.”

Bushnell founded the pioneering gaming company Atari Corp.

Alpha Blue Found and CEO Pierre Vannineuse added that the “financing agreement will provide the team with the flexibility to continue developing and distributing novel games to the marketplace.”

Shares of Global Gaming climbed C$0.005 to C$0.025 in Monday’s Canadian trading. They slipped C$0.004 to C$0.022 on the OTC Markets.

On Monday, the company announced that it was changing its Canadian ticker symbol to GGAM.U as it carried out a reverse stock split. It changed its name from Global Blockchain Technologies Corp in February.

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors