Golden Matrix Secures $10 Million Investment from The Lind Partners

Golden Matrix Group Inc. (NASDAQ), a leading developer and licensor of online gaming platforms, systems, and gaming content, has announced the closing of a $10 million funding agreement with Lind Global Asset Management VIII LLC, an investment fund managed by the New York-based institutional fund manager, The Lind Partners.

The investment, aimed at bolstering the company's financial standing and supporting future strategic acquisitions, marks a significant milestone for Golden Matrix. Brian Goodman, CEO of Golden Matrix, expressed his satisfaction with the deal, stating, “The proceeds from this investment will put Golden Matrix in a strong financial position for continued expansion and enable us to identify and make strategic acquisitions in the future.” This statement underscores the company's ambitions to leverage the new funds for growth and expansion within the competitive online gaming industry.

Phillip Valliere, Managing Director at The Lind Partners, also commented on the investment, saying, “We are delighted to announce our investment in Golden Matrix, which we believe is well positioned for growth and look forward to following its progress in the future.” This sentiment reflects The Lind Partners’ confidence in Golden Matrix’s business model and growth prospects.

The investment was executed under a Securities Purchase Agreement where Lind Global Asset Management VIII LLC purchased a $12 million senior convertible note and a common stock purchase warrant. The note has a 24-month maturity with a conversion price of $4.00 per share of common stock, representing a 130% premium over the closing price on the agreement date. The transaction includes a $10 million funding by the investor, which accounts for the principal amount of the note minus a 20% original issuance discount.

Golden Matrix is required to make monthly payments on the unpaid face value of the note in 20 equal installments. These payments will commence on the earlier of either the date a registration statement registering the common shares and warrant shares is declared effective, or 135 days from the issuance date. To secure this arrangement, the company entered into a security agreement and pledge agreement in favor of the investor, ensuring the full payment and performance of all obligations.

The Securities Purchase Agreement mandates that Golden Matrix prepare and file a registration statement within 60 days to cover the resale of all common shares and warrant shares issued or issuable to the investor. Additionally, the agreement grants the investor the right to participate in any subsequent equity or debt offering, up to 20% of such offering, on the same terms, until July 3, 2025.

The securities sold under this agreement have not been registered under the Securities Act and were offered and sold based on an exemption from the registration requirements. They are considered “restricted securities” as defined by Rule 144 under the Securities Act. This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and no sale will occur in any jurisdiction where such an offer, solicitation, or sale would be unlawful.

Legal counsel for Golden Matrix in this transaction was provided by The Loev Law Firm, PC, while Morgan, Lewis & Bockius LLP acted as legal counsel for the investor.

Further details about the financing transaction can be found in the Current Report on Form 8-K filed by the company with the Securities and Exchange Commission.

Golden Matrix Group, based in Las Vegas, NV, is a prominent B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms to a wide range of clients. Its B2C division, RKings, operates a high-volume eCommerce site that allows users to enter paid competitions on its proprietary platform in authorized markets. The company also owns and operates MEXPLAY, a regulated online casino in Mexico.

Since its founding in 2001, MeridianBet Group has established itself as a key player in the online sports betting and gaming sector, operating in 15 jurisdictions across Europe, Africa, and South America. The group's success is attributed to its use of proprietary technology and scalable systems, enabling it to operate in multiple countries and currencies with an omnichannel approach, including retail, desktop online, and mobile platforms.

Golden Matrix ensures compliance with current U.S. law by using sophisticated software to automatically decline any gaming or redemption requests from within the United States.