GAN has raised £450,000 through a non-pre-emptive placing of 1,500,000 new ordinary shares of £0.01 each per share at an issue price of 30p per Ordinary Share to David Capital Partners.
The Placing Shares will represent 2.2 per cent of the enlarged issued share capital of GAN.
The company plans to use the net proceeds of the Placing to continue the expansion of both real-money Regulated Gaming and Simulated Gaming opportunities in the US, particularly in light of recent regulatory developments in Pennsylvania announced by GAN on June 29 where Internet gaming legislation is approved in principle and reasonably anticipated to become law in Autumn/Fall of this year.
Dermot Smurfit, CEO of GAN, said: “This placing brings GAN the support of Chicago-based David Capital Partners and actively raises awareness of GAN’s investment case among the US technology investment community whom we believe are natural investors for our business. We have a strong and unique product offering, a growing client base and sufficient capital for our current and expected business needs. The directors of GAN do not anticipate any further capital requirements at this time.”
GAN recently welcomed the approval of a bill by The House of Representatives in Pennsylvania that includes provisions for the legalisation of full real money Internet casino gaming in the state.
The bill titled HB 2150 was approved by the House of Representatives on its third consideration yesterday and has now gone to the Senate for their approval and, if approved by the Senate, will be presented to the Governor of Pennsylvania for signing into law.
Mr. Smurfit said:“This approval is a significant step in support of continued regulation of Internet gaming in America. We are delighted to welcome yesterday’s approval of HB 2150 by The House of Representatives in Pennsylvania, long-anticipated to become America’s fourth State to regulate Internet casino gaming.
“Passage of this bill into law will allow us to commence real money Internet casino gaming from our enterprise-level Internet gaming platform already deployed on-property for Pennsylvania’s largest land-based casino and currently delivering Simulated Gaming integrated with the property’s reward program in preparation for regulated real money Internet gaming,” he added.
“We are one of the few European internet gaming companies with significant experience in the US land-based casino Industry and we are extremely well positioned to continue with our stated strategy of providing our award-winning Internet gaming system for real-money gaming in America’s regulated markets. The anticipated passing of bill HB 2150 will be a very positive development for GAN.”