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Financings

Playgon Games completes promissory note extension

By The Northwire Desk — AI Analysis Mar 27, 2026 · 16:17 DEAL · 0.005 Playgon Games Inc
DEAL · Price

Executive Summary

  • Playgon Games Inc. has amended its secured promissory note with Pure Live Entertainment, extending the maturity to September 30 2026 and increasing the maximum available advances to up to US$14 million (CAD).
  • The company also seeks shareholder approval to extend the maturity of several unsecured convertible debentures from March 31 2026 to September 30 2026, aligning them with the note’s new term.
  • All proceeds from the note advances will be used for operating expenses, general corporate purposes, and capital expenditures.

Key Details

  • Promissory Note Amendment
  • Maturity extended to Sept. 30 2026.
  • Maximum aggregate advances increased to US$14 million (CAD), at Pure Live’s discretion.
  • Interest rate on each advance: 10% per annum, accruing from the date of the advance until repayment.

  • Guarantees provided by Playgon Interactive Inc., Playgon Malta Ltd., and Playgon Malta Holding Ltd.; security includes a pledge over all present and after‑acquired personal property and shares in subsidiaries.

  • Related Party Transaction

  • Pure Live is owned by Kathleen Crook, a current control person of Playgon; James Penturn (former chairman) is the sole director/officer of Pure Live.

  • Transaction qualifies as a related‑party transaction under TSX‑V Policy 5.9 and MI 61‑101; exemptions from minority shareholder approval and formal valuation have been relied upon.

  • Use of Proceeds

  • Net proceeds from advances will be applied to operating expenses, general corporate purposes, and capital expenditures.

  • Debenture Extension Proposal

  • Existing unsecured convertible debentures (total principal $7.066 M issued Jan‑19‑2023, Mar‑23‑2023, Dec‑29‑2023; plus $8.55 M issued May‑03‑2023) currently mature March 31 2026 after prior extensions.
  • Playgon intends to seek approvals to further extend maturity to Sept. 30 2026, matching the promissory note term.
  • Proposed additional interest payment dates:
    • Jan/Mar 2023 series – new interest date June 30 2026.
    • Dec 29‑2023 series – new interest dates March 31 2026 and June 30 2026.
    • May 03‑2023 series – new interest date June 30 2026.
  • No other changes to the debenture terms are being sought; extensions remain subject to TSX‑V approval and holder consent (≥66⅔% of principal).

Notable Quotes

No direct quotes were provided in the release.

Read the original news release →

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