Canada
Rivalry Announces $14 Million Investment to Accelerate Growth
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Millennials and Gen Z, today announced a non-brokered private placement offering of convertible debentures (“Convertible Debentures“), and the closing of the first tranche of such offering for aggregate gross proceeds of $14,000,000. The investment comprising this initial closing came from an existing institutional shareholder. All dollar figures are quoted in Canadian dollars.
Under the Offering, each Convertible Debenture will consist of $1,000 principal amount of 10% senior secured convertible debentures of the Company, maturing on November 14, 2027 (the “Maturity Date“). The outstanding principal under the Convertible Debentures will be convertible at the option of the holder, at any time prior to the close of business on the last business day immediately preceding the Maturity Date, into subordinate voting shares in the capital of the Company (“Subordinate Voting Shares“) at the conversion price of $1.40 per Subordinate Voting Share (the “Conversion Price“).
“We are very pleased to receive the support of a long-standing institutional shareholder of Rivalry with this investment,” said Steven Salz, Co-founder and CEO, Rivalry. “Rivalry’s unique product mix and position in the marketplace has brought the business to the inflection point it’s reached today. We’re deeply confident in the underlying trends the business is showing and maintain our expectation to achieve profitability in H1 2024.”
“Strengthening our balance sheet positions the company to maximize the opportunity in front of us. The capital will enable Rivalry to accelerate the development and release of new products, expand marketing efforts, and extend into new geographies and verticals, setting us on a path where we can pursue growth and profitability at the same time,” Salz added.
Terms of the Offering
The Convertible Debentures will bear interest from the date of issue at 10.0% per annum, and will be payable in cash quarterly in arrears on March 30, June 30 September 30 and December 30 of each year (each, an “Interest Payment Date”) commencing December 31, 2025 and will consist of interest accrued from and including the date of issue to the initial Interest Payment Date. Additional tranches of the non-brokered private placement offering may close for aggregate gross proceeds of up to $27,500,000 (inclusive of the initial closing) (the “Offering“).
The Convertible Debentures will be senior secured obligations of the Company, subject to certain exceptions, and will be secured by all of the assets and property of the Company, subject to certain permitted encumbrances, pursuant to a general security agreement, and guaranteed by the Company’s wholly-owned material subsidiaries, and such guarantee shall be secured by a security agreement executed by such subsidiaries granting a first priority security interest on all of their present and after acquired personal property.
The net proceeds received by the Company are expected to be used to fund general working capital and corporate purposes.
The Convertible Debentures shall be offered and sold (i) to investors in Canada on a private placement basis; (ii) to institutional accredited investors in the United States pursuant to available private placement exemptions; (iii) to investors residing in jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws; provided that no prospectus, registration statement or similar document is required to be filed in such foreign jurisdiction.
All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The securities issuable in connection with the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.
The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.
The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.
Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.
“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”
The post INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE appeared first on Gaming and Gambling Industry in the Americas.
Alberta Gaming, Liquor and Cannabis (AGLC) has announced the appointment of Larry Spagnolo as the new Board Chair, effective August 15, 2025. This announcement follows the official Order in Council issued by the Alberta Government and marks a new chapter in AGLC’s ongoing commitment to support communities, encourage responsible choices and position Alberta as the best place to do business.
Larry brings a wealth of experience in technology and business leadership to the AGLC Board and will play an integral role in guiding AGLC’s strategic direction. He is currently serving as VP and GM of Emerson’s SaaS SCADA business and has held senior roles at Zedi and Telus, driving innovation, growth, and global success.
A strong advocate for education and community, Larry serves as Vice Chair of Athabasca University’s Board of Governors and has held board roles with NAIT and Polytechnics Canada. He was awarded the King Charles III Coronation Medal for his community contributions.
AGLC and the Board of Directors extend their heartfelt thanks to Len Rhodes for his leadership and dedication as Board Chair since August 2019. He decided not to seek a third term and will continue to serve in this role until August 14, 2025. Len led AGLC through some significant milestones, including reducing red tape by 51%, growth of the emerging cannabis industry and ensuring AGLC delivered a balanced approach to business development, social responsibility, and regulatory oversight.
The post AGLC Announces New Board Chair appeared first on Gaming and Gambling Industry in the Americas.
EveryMatrix has expanded its partnership with tier-1 operator Pinnacle powering its new casino in Ontario, Canada, using CasinoEngine platform technology – the first time its platform solution has gone live in North America.
The latest agreement builds on the two companies’ previous collaboration that saw EveryMatrix’s CasinoEngine productivity platform power the well-known brand’s global casino offering.
The new launch takes the relationship to North America, marking EveryMatrix’s debut CasinoEngine platform integration in that market.
BonusEngine, EveryMatrix’s cross-vertical bonusing tool will be integrated in the second phase of launch. This will equip Pinnacle Ontario with a host of bonus types as well as AI-powered bonus abuse solution Bonus Guardian.
BonusEngine is the first of multiple engagement tools from EveryMatrix’s EngageSuite that Pinnacle plans to integrate.
With this comprehensive toolkit at its disposal, and the opportunity to add even more casino products in the future, Pinnacle Ontario can tailor campaigns, segment audiences, and reward players more effectively, creating a world-class digital entertainment experience for its customers.
EveryMatrix has more than 300 global customers and holds North American licences in Ontario, New Jersey, Michigan, West Virginia, Connecticut and Pennsylvania.
Stian Enger Petersen, CEO, Casino, EveryMatrix, said: “This launch marks a key milestone for EveryMatrix as we bring our market-leading CasinoEngine platform to Canada for the first time.
“We’re delighted to expand our partnership with Pinnacle and support their ambitions in Ontario with a powerful combination of platform, content, and engagement tools that are proven to drive success.”
The post Pinnacle Ontario live with CasinoEngine in North America debut appeared first on Gaming and Gambling Industry in the Americas.
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