Fortuna Gaming may seek out PIPE for additional capital

By Sheri Kasprzak

New York, March 15 - Fortuna Gaming Corp. said it may conduct a private placement and a public offering to raise additional capital in the coming year.

"The future of the company is dependent upon its ability to obtain financing and upon future profitable operations from the development of acquisitions," said the company's latest form 10-QSB filed with the Securities and Exchange Commission. "Management has plans to seek out additional capital through a private placement and public offering of its common stock."

On Dec. 30, the company issued 1,695,710 units of one share and one warrant in a private placement for proceeds of $1,695,710. The warrants were exercisable at $2.00 each for two years.

For the quarter ended Jan. 31, Fortuna reported a net loss of $696,883, compared with a net loss of $9,287 for the same period in 2005.

Burnaby, B.C.-based Fortuna develops mobile gaming devices.

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