East Side Games Group Inc. (TSX: EAGR), a prominent developer of free-to-play mobile games, has announced a new banking partnership with the National Bank of Canada (NBC) and Export Development Canada (EDC). The company has secured $4 million CAD in credit based on accounts receivable and receivable tax credits from NBC. Additionally, EDC has provided a term loan credit facility worth $4 million USD under its Direct Lending Program to support the development of future games.
The partial proceeds from the EDC funding will be used to pay off an existing line of credit with the Royal Bank of Canada, effectively closing that relationship. The EDC funding is specifically allocated for the development of two new, unannounced game titles scheduled for release in 2027. East Side Games Group expressed enthusiasm about these new financial relationships, highlighting the increased access to credit and EDC's support.
East Side Games Group is known for its free-to-play mobile gaming portfolio, which includes popular titles like Dragon Up: Idle Adventure, It's Always Sunny: The Gang Goes Mobile, and RuPaul's Drag Race: Superstar. The company is headquartered in Vancouver, Canada, and its games are available worldwide through the App Store and Google Play.
The announcement also included forward-looking statements regarding the proposed transactions, noting that such statements are subject to risks and uncertainties that could affect actual outcomes.