GameOn, a leading Vancouver-based fantasy sports platform, recently announced significant amendments to its loan agreement with BCCL Worldwide Inc. The changes reflect GameOn’s ongoing commitment to its shareholders and its strategy to optimize financial flexibility.
GameOn designed, built, and managed the Primal Pick’Em predictor game for Chibi Dinos in 2022, one of the more notable 10k NFT PFP projects launched to-date. The NFT sports predictor game gave users the ability to compete and move up leaderboards to gain access to exclusive and rare NFTs.
In a partnership forged last year, BCCL lent money to GameOn via a special form of lending called a “convertible note.” However, recent updates to this agreement show a favorable shift in terms for GameOn:
- Loan Amount Reduced: Originally, GameOn owed BCCL a sum of $2,000,000. This debt amount has now been significantly decreased to $387,649.
- Extended Repayment Time: While initially GameOn had a deadline of January 4, 2023, to repay the loan, this deadline has now been extended to January 4, 2025.
In a recent statement, GameOn’s CEO, Matt Bailey, said, “At a critical juncture where smart financial management is paramount, this revised agreement stands testament to our relentless drive to prioritize the best interests of GameOn and our loyal shareholders. We’re on a continuous journey to enhance and better position our company each day.”
Furthermore, in a move signaling trust in its team, GameOn has provided certain directors, officers, employees, and consultants with the option to purchase company shares at a set price of $0.20 each for the coming two years. This offer came alongside the issuance of “restricted share units” as a reward to these stakeholders, emphasizing the company’s focus on incentive-based growth.
This news comes at a time when the sports industry is seeing rapid technological advancements, with platforms like GameOn at the forefront, bridging the gap between traditional fantasy sports and the emerging web3 domain.
GameOn (CSE: GET) (OTCQB: GMETF) partners with the world’s best sports, media, and entertainment IPs to launch brand-building, money-making web3 games (with intuitive web2-friendly rails). They turn fans into superfans – engaging, retaining, and monetizing audiences. With a diverse team of web3, gaming, and sports veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs, and the Brooklyn Nets, the platform is executed at scale with millions of users, gameplays, and revenue. GameOn has partnered with NBCUniversal, Bravo, the PFL, Karate Combat, the WNBA, Times Internet, DICK’S Sporting Goods, and Gaming Society.