Play Magnus Group announce that it has entered into an agreement for private placement of 4,864,753 shares for NOK 18.47 per share for gross proceeds of NOK 89,851,988 on January 12, 2022. The transaction will include participation from new investor Breakthrough Initiatives Limited. As part of the transaction, investor will nominate representative for one seat on the board of the company.

Completion of the transaction is subject to approval by an extraordinary general meeting of the company, scheduled to be held on January 19, 2022 by two-thirds majority.