GameSquare completes sale of non-core radio business assets

GameSquare Holdings has completed the sale of its Frankly non-core radio business assets to SoCast. As a result of the $3.4M asset sale, GameSquare has added non-dilutive capital to its balance sheet. GameSquare also announced that it has further strengthened its balance sheet by refinancing the Company’s convertible debt. GameSquare has retired a principal amount $5M debenture that was due to mature in February of 2024, and replaced it with a principal $5.8M convertible note issued to an arm’s length party that bears interest at 12.75%, has a two-year term, and is convertible at the holder’s option into common shares of Company at a price of $5 per share. The issuance of the debenture has been conditionally approved by the TSX Venture Exchange.