GIG: GIG strengthens financial position to pursue growth opportunities
2016-01-05 08:32:54
The Board of Directors of Gaming Innovation Group Inc. (GIG) has decided to issue 23,000,000 new shares at a price of NOK 1.95 per share. The share issue will be directed towards Swedbank Robur Fonder, one of the largest mutual fund managers in the Nordic region. The transaction will significantly strengthen GIG's financial position and enable the Company to step up efforts to pursue strategic growth opportunities. The issue of 23,000,000 new shares will add total gross proceeds to the Company of approximately NOK 45 million. The pricing of the new shares is based on the volume-weighted average price on 4 January 2016. Following the share issue, Swedbank Robur Fonder will hold 4.38% of the shares in the Company. Robin Reed, CEO of GIG, said: "GIG is pleased to announce the investment in the Company by Swedbank Robur. We are delighted to see such a credible and successful player approach us which we see as a testament to the the development of Gaming Innovation Group. Last year GIG did not pursue attractive acquisition opportunities because of the need to channel focus and revenues into our rapid growth. We know today that these acquisitions would have been complementary to our strategy and profitable. The Company is now ready to take advantage of such opportunities from an operational perspective and a strengthened balance sheet will allow us to pursue such opportunities rapidly as they arise. Furthermore, as part of the transaction we are getting a substantial and long-term shareholder". The new shares will be issued under the Company's 750,000,000 authorized shares. Following the share issue, the Company will have 525,120,952 shares outstanding. Carnegie acted as financial adviser to the Company in connection with the share Issue. For further information, contact: Robin Reed, CEO, +356 9999 0382, (Robin.Reed@guts.com) About Swedbank Robur: Swedbank Robur is one of Scandinavia's largest mutual fund managers and a wholly owned subsidiary of Swedbank. Swedbank Robur offers savings products for private individuals and institutional clients, with approximate 130 investment funds open for investments covering all major regions, sectors and asset classes. Altogether, Swedbank Robur serves approximately 3.1 million customers in Sweden and 1.1 million in the Baltic region, for whom it manages approximately EUR 70 billion in assets. About GIG: Gaming Innovation Group Inc. is an emerging gambling solutions and interactive entertainment provider. The Company offers cutting-edge cloud-based services and B2B performance marketing, and owns 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 under the ticker symbol "GIG". For more information about the Company and our services: https://gaminginnovationgroup.com https://igamingcloud.com https://www.guts.com https://www.betspin.com