GIG: Issue of new shares
2015-06-17 16:30:02
Gaming Innovation Group Inc. ("GIG") has today
issued 301,146,000 new shares of its common stock as
follows:
1. 290,000,000 new shares for the purchase of all
outstanding shares in Gaming Innovation Group
Ltd., ref announcements from February 16, 2015
and Information Memorandum dated March 27, 2015.
2. 5,000,000 new shares for the conversion of a
EUR 500,000 loan from Gaming Innovation Group
Ltd. to GIG's subsidiary Candid Gaming Ltd.
3. 5,125,000 new shares for the exercise of warrants
at a share price of NOK 1.30 per share, ref.
announcement from February 25, 2015.
4. 1,021,000 new shares for the purchase of an
affiliate network, ref announcement from June 16,
2015.
Gaming Innovation Group Inc. confirms that the new
shares have been duly authorized by all necessary
corporate action and that the new shares have been
fully paid and validly issued. The Company's share
capital has increased from USD 20,097,495 to USD
50,212,095, and the number of outstanding shares has
increased from 200,974,952 to 502,120,952 (par value
USD 0.10). The new shares are issued under the
Company's 750,000,000 authorized shares.
Of the new shares issued as consideration for all
outstanding shares in Gaming Innovation Group Ltd.,
274,000,000 shares will be subject to a two-year lock-
up period, whereof shares with a trading value of
NOK 10 million will be released after 12 months. The
lock-up undertaking shall also apply to 9,061,867
existing GIG shares held by GIG shareholders.
Gaming Innovation Group Ltd.'s existing holding of
22,000,000 GIG shares and the new shares received
from the loan conversion, a total of 27,000,000 Nio
shares will be used for the purchase of online
marketing firm Spaseeba AS as earlier announced.
These shares are subject to a lock-up until May 1,
2017.
In connection with the share issue, a warrant to
purchase 5 million GIG shares at a share price of
NOK 1.20, held by Gaming Innovation Group Ltd., has
been cancelled.
After the share issue, GIG's current holding of own
shares (22,000,000) will be reduced from 10.95% of
the outstanding shares to 4.38% of the new number of
outstanding shares. Further, the shares held by a
trust for the benefit of the management team in
Candid Gaming (14,000,000) will reduce its holding
from 6.97% of the outstanding shares to 2.79% of the
new number of outstanding shares.
Super Innovative Limted, a company owned by Robin
Reed, CEO and primary insider of GIG, will receive
52,468,528 new GIG shares as consideration for its
shares in Gaming Innovation Group Ltd. After this
transactions, close associates of Robin Reed owns
52,468,528 shares in GIG, increasing his holding of
shares in GIG from 0.00% to 10.45% of the
outstanding shares in GIG.
For further information:
Robin Reed, CEO, +356 9999 0382, email:
Robin.Reed@guts.com
About GIG
Gaming Innovation Group Inc. is a rapidly growing
gambling solutions and entertainment provider. The
group provides three bespoke revenue models; cutting-
edge Cloud based Services, B2B Performance
Marketing, and B2C gambling operators offering games
from the best-of-breed suppliers across the online
sports betting and casino industry. Gaming
Innovation Group operates out of Malta, and is
listed on the Oslo Stock Exchange with the
ticker "GIG".
For more information about the Group and our
services, visit:
https://www.GamingInnovationGroup.com
https://www.iGamingCloud.com
https://www.Guts.com
https://www.Betspin.com