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Canada – Century to float shares to fund Century Mile

By - 20 November 2017

Canadian casino operator Century Casinos is looking to float 4.25m shares of its common stock at a price of $7.50 per share.

Net proceeds, after underwriting discounts and commissions and estimated offering costs, are expected to be approximately $30.2m. The company intends to use up to $25m of the net proceeds received from the offering to fund construction costs for the Century Mile project.

This one-mile racetrack is expected to open in the second half of 2018 next to the Edmonton International Airport. With a minimum of 100 race days per year, it will also host a vibrant racing entertainment centre and will provide all forms of Pari-Mutuel wagering.
The multi-level building will offer a wide variety of slots, superior dining atmosphere and a multitude of family friendly experiences including concerts, festivals and themed events. The state-of-the-art barns will accommodate 800 stalls.

Century said that any remaining net proceeds used to invest in additional gaming projects and for working capital and other general corporate purposes. The Company has granted the underwriters a 30‑day option to purchase up to 637,500 additional shares of its common stock. The offering is expected to close on or about November 21, 2017, subject to satisfaction of customary closing conditions.

Stifel and Roth Capital Partners are acting as the joint book-running managers for the offering. Craig-Hallum Capital Group and Union Gaming Securities are acting as co-managers for the offering.

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