Interactive Games Technologies (CSE: BETS) this morning announced the closing of a private placement. The financing saw a total of $6.7 million in gross proceeds raised for the company.
The financing consisted of the sale of common shares with no warrant attached. Each common share was sold at a price of $0.33 per each, with a total of 20.4 million shares sold under the financing. A portion of the financing was also subscribed to by insiders of the company.
The company also announced this morning that it has entered into a share subscription agreement in connection with the acquisition of an India-based online gaming company. In total, the company will acquire US$5.0 million in compulsorily convertible cumulative preference shares of the target as part of an initial funding commitment. On a post-transaction basis, the company expects to be able to grow the combined revenue of the entities to US$50.0 million within a two year period.
Interactive Games Technologies last traded at $0.395 on the CSE.
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