By Sheri Kasprzak
New York, Oct. 18 - Fortuna Gaming Corp. said it has concluded a private placement for $1.7 million.
The company issued 1.7 million units at $1.00 apiece.
The units are comprised of one share and one warrant. The two-year warrants are exercisable at $2.00 each.
Proceeds will be used to develop and execute the company's business plan, acquire gaming software for its mobile and wireless gaming platform, set up gaming and corporate web sites, set up its U.K.-based operating subsidiary Fortuna Gaming U.K. Ltd. in London, secure investor relations and public relations services, cover initial marketing costs and provide working capital.
The company said it also intends to conduct a second round of financing for 10 million units under the same terms.
Based in Las Vegas, Fortuna develops online and mobile poker games.
First round
| Issuer: | Fortuna Gaming Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1.7 million
|
| Units: | 1.7 million
|
| Price: | $1.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $2.00
|
| Settlement date: | Oct. 18
|
| Stock price: | $0.92 at close Oct. 18
|
|
|
| Second round
|
| Issuer: | Fortuna Gaming Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $10 million
|
| Units: | 10 million
|
| Price: | $1.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $2.00
|
| Pricing date: | Oct. 18
|
| Stock price: | $0.92 at close Oct. 18
|
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