Esports Entertainment Group Announces Secured Note and Amendments to its Convertible Preferred Stock
St. Julian’s, Malta, March 13, 2024 (GLOBE NEWSWIRE) — Esports Entertainment Group, Inc. (OTC Pink: GMBL) (OTC Pink: GMBLP) (OTC Pink: GMBLW) (OTC Pink: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, today announced it has entered into a note purchase agreement, dated March 7, 2024, with the holder (the “Holder”) of its Series C Convertible Preferred Stock and Series D Convertible Preferred Stock, pursuant to which the Company issued the Holder a secured promissory note (the “Secured Note”) for approximately $1.42 million in cash and certain amendments to the terms of the Series C Convertible Preferred Stock and Series Convertible D Preferred Stock, repayable in 2 years with an interest rate of 10% per annum recorded in-kind by adding the amount of accrued interest to the outstanding principal balance of the Secured Note on the last Business Day of each calendar quarter.