Offering sells receipts to Plazacorp to fund real estate investments
By Devika Patel
Knoxville, Tenn., Aug. 23 – TransGaming Inc. said it settled a C$1.17 million private placement of subscription receipts with the Plazacorp Holdings Ltd. on Monday.
The company will sell 77,875,000 receipts at C$0.015 apiece. The purchase price is a 25% discount to the Aug. 19 closing share price of C$0.02.
The receipts convert to 2,225,000 common shares at C$0.525 per share, which is a 162.5% premium to the Aug. 19 closing price.
Proceeds will be used for real estate investments.
Based in Toronto, TransGaming is a developer of software portability products that allow game developers and publishers to develop games for one system and deploy them across multiple platforms.
| Issuer: | TransGaming Inc.
|
| Issue: | Subscription receipts
|
| Amount: | C$1,168,125
|
| Receipts: | 77,875,000
|
| Price: | C$0.015
|
| Conversion ratio: | Into 2,225,000 shares
|
| Conversion price: | C$0.525
|
| Warrants: | No
|
| Investor: | Plazacorp Holdings Ltd.
|
| Settlement date: | Aug. 22
|
| Stock symbol: | TSX Venture: TNG
|
| Stock price: | C$0.02 at close Aug. 19
|
| Market capitalization: | C$2.34 million
|
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