Written by Dante Uzel on 10 July 2024 19:37
GameSquare Holdings has disclosed today that it entered into a $20m pre-paid advance agreement with an investment fund managed by Yorkville Advisors. According to release, with this transaction, GameSquare plans to settle the remaining $5.7m balance on its senior secured convertible note with King Street Partners LLC.
A Pre-Paid Advance Agreement is a financial arrangement where a company receives a lump sum of money upfront from an investor or lender in exchange for future considerations. Typically, the company agrees to repay the advance over time through specified payments or by providing certain rights or assets to the investor.
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Justin Kenna, CEO of GameSquare stated, "Today's announcement is the culmination of our efforts over the past seven months to strengthen our balance sheet - primarily through non-dilutive sales of non-core assets. I am also pleased to announce that we intend to repay our outstanding senior secured convertible note balance with King Street. With a strengthened balance sheet and capital position, we have the financial resources in place to support the growth strategies we are pursuing and take advantage of growing demand trends currently underway across our global markets."
Tags: GameSquare Holdings
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