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GAMING CORPS CARRIES OUT A DIRECTED SHARE ISSUE OF SEK 10 MILLION TO SVEA BANK
The Board of Directors of Gaming Corps AB has resolved to carry out a new issue of 4,000,000 shares at a subscription price of SEK 2.50 per share, corresponding to issue proceeds of SEK 10 million, to Svea Bank AB (the “Directed Issue”). The Directed Issue is carried out with a deviation from the shareholders’ preferential right and with the support of the authorization from the annual general meeting on 28 June 2022. The subscription price has been determined by the Board of Directors of the Company and corresponds to a [premium] of approximately 7,8 percent calculated on a volume-weighted average share price (VWAP) during the last 20 trading days, up to and including 12 December 2022.
” I would like to take this opportunity to thank SVEA BANK AB on behalf of the management for this investment, especially when the market situation looks as it does with uncertainties in several areas, not least in the listed environment. We have several ongoing game certifications and game titles in development, in addition to several new approvals in regulated markets where we engage local legal advisors for the processes. Here we are anxiously awaiting the opinion from each market for me to be able to notify you, our shareholders”, says Juha Kauppinen, CEO.
” The Board of Directors has been working for some time to find the most favorable financing solution for the shareholders and the Company. With the current market situation, we have seen that the conditions for raising capital have been very costly and directly harmful to the company and the shareholders. By adding capital through SVEA BANK’s investment, we strengthen our cash position and give the company greater financial flexibility, which gives us a good basis for future investments in the business”, comments Claes Tellman, Chairman of the Board of Gaming Corps.
THE DIRECTED ISSUE
The Board of Directors of Gaming Corps has today, on 13 December 2022, resolved on a new issue of 4,000,000 shares with deviation from the existing shareholders’ preferential rights and with support from the authorization given at the annual general meeting on 28 2022. The subscription price for the shares in the Directed Issue has been determined by the Board of Directors at SEK 2.50 per share and will be paid in cash. The subscription price corresponds to a [premium] of approximately 7,8 percent calculated on the basis of a volume-weighted average price (WVAP) per trading day for the Company’s share on Nasdaq First North Growth Market during the last 20 trading days up to and including 12 December 2022. The Directed Issue has been subscribed by Svea Bank AB and will provide the Company with issue proceeds of SEK 10 million.
CHANGES IN SHARE CAPITAL, SHARES AND VOTES AND DILUTION
The Directed Issue results in an increase of the Company’s share capital by a maximum of SEK 200,000.01, from SEK 2,707,625.06 to SEK 2,907,625.07. The number of shares and votes will increase by a total of 4,000,000, from 54,152,501 to 58,152,501. The execution of the Directed Issue results in a dilution of approximately 6.88 percent for existing shareholders in relation to the total number of outstanding shares and votes in the Company.
DEVIATION FROM SHAREHOLDER PREFERENTIAL RIGHTS
The rationale of the Directed Issue and the reason for the deviation from the shareholders’ preferential rights is to carry out a capital raise in a time- and cost-effective manner. The Board of Directors has evaluated the possibility of carrying out a preferential rights issue in first hand. The Company has weighed the advantages and disadvantages of a preferential rights issue in comparison to a directed share issue and concluded that a preferential rights issue (i) would be significantly more time-consuming, which could risk the Company missing out on potential growth opportunities, (ii) would lead to significantly higher costs for the Company, mainly attributable to procurement of a guarantee consortium and legal costs, (iii) would expose the Company to higher market volatility, especially given current market conditions, and (iv) would likely have had to be implemented at a lower subscription price (with a discount instead of a [premium]) and would result in a higher dilution effect, which would have been negative to all shareholders. In addition, the Board of Directors considers it positive that the institutional ownership in the Company is strengthened through the Directed Issue. The Board of Director’s overall assessment is thus that the reasons for carrying out the Directed Issue in this manner, and in this specific situation, outweigh the reasons that justify the main rule of issuing shares with preferential rights for existing shareholders, and that a new share issue with a deviation from the shareholders’ preferential rights is thus in the best interest of the Company and all shareholders.
ADVISOR
Baker McKenzie is the Company’s legal advisor in the Directed Issue.
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QTech Games lights up its live casino offering with Live Vegas
QTech Games, the leading game aggregator for emerging markets, has launched a partnership with leading live-casino provider Live Vegas, adding further depth to its product portfolio and giving platform clients access to a multifaceted live-dealer catalogue.
The global live-dealer sector continues to grow, and Live Vegas’s authentic and innovative digital table games provide a standout example. Its suite includes popular live casino titles such as Blackjack, Roulette, Texas Hold’em, and Baccarat, designed to deliver the thrill of Vegas to players worldwide.
As part of the studio’s mantra to “capture the thrill of Vegas,” Live Vegas is also elevating the VIP experience. Single players can now enjoy one-on-one live video sessions with dedicated dealers, offering a personalised, social, and engaging gaming experience. Players can seamlessly switch tables or dealers, ensuring smooth gameplay while keeping the focus on the action.
These games now form part of QTech Games’ diverse portfolio, which is localised for each region and supported by native mobile apps, powerful reporting and marketing tools, and 24/7 local-language assistance. The partnership also extends Live Vegas’s international reach, unlocking new opportunities in emerging regions, especially Africa and Latin America.
Philip Doftvik, CEO at QTech Games, said:
“Live Vegas is an eye-catching studio, renowned for delivering immersive entertainment experiences to players, who can now enjoy these engaging, real-time table games (from classics like blackjack, roulette, baccarat and Texas Hold’em to more regional favourites) via the flexible QTech Games platform which offers the fastest integration on the market.
“Over the past few years, they have developed an array of exciting live-casino products, designed to boost retention and deliver a memorable user experience that players return to, while attracting new players as well. They’re the first provider to really ramp up the VIP-room experience, too—creating a warm, engaging experience which doesn’t fall far short of Vegas’s real-world customer service! Our combined aim is to empower operators with reliable technology and innovative solutions, making it easy to channel the excitement of Vegas to every player.”
Tigran Zaqaryan, CCO at Live Vegas, added:
“We’re thrilled to put our key piece in place in the all-encompassing QTech Games jigsaw, and we look forward to their platform taking our games to new, untapped audiences across emerging markets. Live Vegas’s unrelenting commitment to delivering engaging live-player experiences affords customers the visceral thrill of playing in a real-world casino, while QTech’s know-how made them a perfect partner for us. They understand that there’s no chance of cracking emerging markets without delivering the best localised games that truly connect with varied cultural proclivities in iGaming.
“At Live Vegas, our commitment to innovation and delivering the highest-quality experiences informs everything we do. QTech’s emerging markets platform now offers the perfect new proving ground through which to showcase our content. We blend industry-leading expertise with advanced technology to deliver exceptional services. And our focus is on creating a uniquely tailored gaming experience, ensuring a relaxed and enjoyable atmosphere for every player.”
The post QTech Games lights up its live casino offering with Live Vegas appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Alex Manning
LCKY Group announce Alex Manning as Group CTO
LCKY Group has announced the appointment of Alex Manning as Group Chief Technology Officer, marking the first major leadership hire since the company’s strategic rebrand earlier this year.
Previously known as Glitnor Group, the entrepreneurial-led organisation entered a new phase of its development in January when it adopted the name LCKY Group. The rebrand was designed to better reflect the strong portfolio of brands operating under the group while also positioning the business for future expansion.
Alex’s appointment as Group CTO represents a significant step in this next stage of growth. With more than 25 years of experience across the fintech and iGaming sectors, Alex brings deep expertise in scaling businesses and leading complex digital transformations.
Prior to joining LCKY Group, Alex served as CTO of iGaming at Light & Wonder, where he led a major engineering transformation. During his four-year tenure, he transitioned the team to a product-led, cross-functional delivery model, oversaw the development of several first-of-their-kind products, and supported the company’s expansion into new regulated markets.
Richard Brown, Group CEO at LCKY Group, said:
“Everyone at LCKY Group is delighted to welcome Alex at what is a defining moment in the company’s evolution. He brings extensive experience across regulated fintech and iGaming markets, and his proven ability to guide organisations through successful scale-ups and digital transformations makes him an ideal fit for the role of Group CTO.”
Alex Manning, Group CTO at LCKY Group, added:
“I’m excited to join LCKY Group at a time when the business is focused on strengthening its international presence and growing its influence across key regulated markets. My priority will be to build on the strong culture that already exists within the group, creating a high-performance environment where teams can thrive, innovation is encouraged, and each of our brands is given the platform it deserves.”
The post LCKY Group announce Alex Manning as Group CTO appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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CasinoCanada.com Launches Revamped Bonus Cards
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The revamped system simplifies the reading, comparing, and claiming of bonuses. This update increases CasinoCanada.com’s value to its audience by minimizing friction and showcasing exclusive offers.
CasinoCanada.com will persist in broadening and improving the product, with forthcoming visual upgrades and extra features already being developed.
The post CasinoCanada.com Launches Revamped Bonus Cards appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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