eQube Gaming Limited Finance Update

EDMONTON, May 23, 2019 /CNW/ – eQube Gaming Limited (TSX.V: EQG) (“eQube” or the “Company“) today is pleased to announce that its Canadian subsidiary, eQube Technology and Software Inc. (“eQube Technology“), has completed a closing of an aggregate of $1,000,000 CAD secured non-amortizing loans bearing interest at 9% per annum and maturing in March 2022 (collectively, the “Loan“). The Loan was provided by certain Canadian private companies, two of which are controlled by Andrew Janko and Don Sutherland, directors of eQube. The proceeds from the Loan will be used to fund next generation product software development and for general corporate purposes.

eQube Technology has also reached agreements with all of the holders (the “Preferred Share Holders“) of its Class “F” preferred shares (the “Preferred Shares“), whereby each Preferred Share Holder has agreed to redeem each Preferred Share held by them for $1.00 CAD per Preferred Share (the “Redemption Amount“). The aggregate Redemption Amount to each Preferred Share Holder is payable by eQube Technology by way of an unsecured promissory note issued to each such Preferred Share Holder with a 3 year term, bearing interest at 4% per annum, and the total aggregate Redemption Amount for the Preferred Shares is $2,060,000 CAD.

Certain subsidiaries of eQube have also repaid an interim finance facility in the aggregate amount of $250,000, initially provided by way of a combination of short-term related party loans from Mr. Doug Osrow, Director of eQube ($25,000) and Mr. John Purcell, CEO of eQube ($25,000)) and a bank facility ($100,000).