ISE: GAME LSE: GAN
London & Dublin | July 13, 2016: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, is pleased to announce that it has raised £450,000 (before expenses) through a non-pre-emptive placing (the “Placing”) of 1,500,000 new ordinary shares of £0.01 each per share ("Ordinary Shares") at an issue price of 30p per Ordinary Share (“Placing Shares”) to David Capital Partners, LLC and certain of its associates ("David Capital"). The Placing Shares will represent 2.2 per cent of the enlarged issued share capital of GAN.
The Company plans to use the net proceeds of the Placing to continue the expansion of both real-money Regulated Gaming and Simulated Gaming™ opportunities in the US, particularly in light of recent regulatory developments in Pennsylvania announced by GAN on June 29 where Internet gaming legislation is approved in principle and reasonably anticipated to become law in Autumn/Fall of this year.
The Placing was effected using the Company's existing authorities to allot shares on a non-pre-emptive basis which were obtained from shareholders at the Company's General Meeting on June 30, 2016. The Placing is conditional upon admission of the Placing Shares to trading on AIM and ESM. The Placing Shares will rank pari passu with the existing Ordinary Shares and application has been made to the London Stock Exchange and the Irish Stock Exchange for the Placing Shares to be admitted to trading on AIM and ESM respectively (“Admission”) and Admission is expected to become effective on 14 July 2016. Upon Admission, GAN’s enlarged issued share capital will consist of 66,801,924 Ordinary Shares.
Dermot Smurfit, CEO of GAN commented on the development:
“This placing brings GAN the support of Chicago-based David Capital Partners and actively raises awareness of GAN’s investment case among the US technology investment community whom we believe are natural investors for our business. We have a strong and unique product offering, a growing client base and sufficient capital for our current and expected business needs. The directors of GAN do not anticipate any further capital requirements at this time.”
For further information please contact:
Chief Executive Officer
+44 (0) 20 7292 6262
Mark Kenny/Jonathan Neilan/Meanie Farrell
+353 1 6633686
John Frain / Roland French
+353 1 679 6363
Forward Looking Statements
Some statements in this announcement are forward-looking. They represent expectations for the Company’s business, and involve risks and uncertainties. These forward-looking statements are based on current expectations and projections about future events. The Company believes that current expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control, actual results or performance may differ materially from those expressed or implied by such forward-looking statements.
GAN | Overview
GAN is a leading developer and supplier of enterprise-level Business to Business gaming software systems and online gaming content. GAN is listed on the ESM Market of the Irish Stock Exchange and the AIM Market of the London Stock Exchange under the ticker: GAN
The Company has developed an Internet gaming enterprise software system, GameSTACK™, which it licences to online and land-based gaming operators as a turn-key technology solution for both regulated real-money and simulated online gaming. The Internet Gaming System, developed in London under a UK Gaming Commission licence, is certified to the highest technical standards currently required by gaming regulators.
GAN is also a leading developer of proprietary online games with a complementary business converting offline casino slot machines and table games into online equivalents on behalf of major land-based slot machine manufacturers including Aristocrat, Konami, Multimedia Games, Incredible Technologies, GamoMat, Reel Time Gaming, High Flyer Games, DEQ Systems Corp (EZ BACCARAT®) and Ainsworth.
GAN has an established business in Europe, licensing gaming content to UK, Spanish and Italian gaming operators including Bet365, William Hill, Rank, Lottomatica, Sisal MatchPoint and SNAI.
In the United States, GAN has partnered with Betfair Plc to provide its Internet Gaming System following the introduction of regulated real-money online gaming in New Jersey in November 2013. In New York, GAN has launched a Simulated Gaming™ website via www.EmpireCityCasino.com in September 2014. In Pennsylvania, GAN launched a Simulated Gaming™ website www.ParxOnline.com in March 2015 with on-property real money mobile gaming anticipated in 2015. In March 2015 Maryland Live! Casino in Maryland chose GAN to upgrade their existing free-to-play website to a monetized Simulated Gaming™ website, soft-launched in July 2015 and launched integrated with their casino management system in November 2015. In September 2015 major Californian Tribal casino operator San Manuel chose GAN’s Simulated Gaming™ launched in November 2015. In October 2015 American Casino & Entertainment Properties (ACEP) chose GAN’s Simulated Gaming™ launched in December 2015. In December 2015 Borgata Casino Hotel & Spa chose GAN’s Simulated Gaming™ launching in H1 2016. Also in December 2015 Lady Luck Interactive, a wholly-owned subsidiary of Isle of Capri Corporation, chose GAN’s Simulated Gaming™ launching in H1 2016. In February 2016 Rock Gaming (re-branded as Jack Entertainment) chose GAN’s Simulated Gaming™ to support their Ohio-based casino properties launching online in H1 2016. In March 2016 an undisclosed major casino operator in the North East chose GAN’s Simulated Gaming™ launching in H2 2016. In April 2016 an undisclosed major casino operator in the Southwest chose GAN’s Simulated Gaming™ launching in H2 2016. In June 2016 an anonymous Tribal casino operator in the North East chose GAN’s Simulated Gaming™ launching in H2 2016.
In March 2016 GAN launched its first virtual reality (VR) Simulated Gaming application containing authentic Class III slot machines compatible with Oculus Rift VR headsets and available to download from New York’s Empire City Casino Simulated Gaming desktop website located at http://play.EmpireCityCasino.com
London & Dublin | April 26, 2017: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today announces the launch of its first casino slot game ‘Stratosphere Slots’ commissioned by American Casino Entertainment Properties, LLC (“ACEP”). This is the first game specifically commissioned by a client of GAN’s Simulated Gaming and signals emerging demand for custom game development among GAN’s thirteen casino operator clients anticipated to be operating Simulated Gaming online by the end of H1 2017.Read Full Article
London & Dublin | April 18, 2017: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today announces the grant of its first privileged gaming license in the US issued to GAN by the New Jersey Division of Gaming Enforcement (“NJDGE”). This establishes the suitability of GAN, its major shareholders, directors and key employees to conduct regulated Internet gaming business in New Jersey. In parallel, this important milestone strongly positions GAN to obtain licenses in other US States which may elect to regulate real money Internet gaming in the future.Read Full Article
The Board of GAN is pleased to announce it has raised £2 million by way of a conditional Placing and Open Offer of 9% Convertible Unsecured Loan Notes 2022. The Company has conditionally placed all of the Convertible Notes with Sir Michael Smurfit.Read Full Article