eQube Gaming Limited announces new debt financing & CFO appointment
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$800,000 loan to fund continued growth
EDMONTON, Oct. 25, 2017 /CNW/ – eQube Gaming Limited (TSX-V: EQG) (“eQube” or the “Company”) today is pleased to announce the closing of an $800,000 secured non-amortizing loan bearing interest at 5% per annum and maturing December 29th, 2021. The loan was provided by a company controlled by a director of the Company and is secured by select Company customer contracts.
The proceeds will be used to fund next generation product software development and general corporate purposes.
“It is always a pleasure to close financing which secures additional capital, particularly when it is from existing company shareholders, who continue to demonstrate their support of the company. This support allows us to focus on customer acquisition, continuing our efforts to show how current and potential customers realize the benefits of eQube’s product suite to their business. We are gaining significant traction in new and existing markets with demonstrable value added to our client locations,” commented eQube’s CEO John Purcell. “The financing further demonstrates confidence investors have in eQube and the value of its assets as security.”
eQube further announced the appointment of Mr. Mark Dineen as CFO of the Company. Mr. Dineen is the current Interim CFO of eQube Gaming Limited, having joined as Financial Controller. Mark has extensive accountancy and audit experience in a wide range of markets, having worked in various industries from retail to software companies. Mark holds a Bachelor of Business Studies and Accounting and is also a qualified CPA.
About eQube Gaming Limited (“eQube”)
eQube is a leading provider of electronic bingo (eBingo) systems for land based gaming operators in commercial and charitable gaming facilities. eQube has the majority market share in the Canadian regulated bingo market as well as the Irish market and operates the linked bingo games in Alberta and Ireland. Current solutions, consisting of commercial eBingo, linked wide area bingo, traditional bingo and automated bingo style electronic games are complemented by enterprise class accounting and back office reporting combined with open platform customer management data tools. eQube’s platform provides new and enhanced revenue channels by enhancing the experience, environment and service to our clients’ customers.
eQube has been offering its eBingo and related gaming solutions to commercial, tribal, regulatory and charitable customers worldwide since its inception in 1999. Its registered and head office is in Edmonton, Alberta. eQube is listed on the TSX Venture Exchange under the symbol EQG. For more information visit: www.eqube.com