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.
Sponsored · Selkirk Copper Mines
Interactive Games Technologies last traded at $0.395 on the CSE.
FULL DISCLOSURE: i3 Interactive is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover i3 Interactive on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
