GAN Plc, formerly known as GameAccount Network, has officially announced that the Chicago financial advisory firm David Capital Partners has been welcomed as a new investor.
According to the company’s press release, a total of £450,000 have been raised through a non-pre-emptive placing of 1,500,000 ordinary shares to the US-based company and its associates. The shares of £0.01 came at an issue price of 30p each. The new share placement and purchase, respectively, is to grant the American investor with 2.2% of the enlarged GAN Plc total share capital.
As the company itself revealed in its official statement, the placing shares will be ranked side by side with its already existing ordinary shares, so it has already applied for the placing shares to be admitted to trading to the London Stock Exchange and the Irish Stock Exchange. The admission became effective on July 14th, 2016.
GAN Plc revealed that it needed the investment made by David Capital Partners for further expansion. It explained in its statement that the net proceeds are to be used for Regulated Gaming and Simulated Gaming™, both of which are among the real-money opportunities for the British company on the territory of the US. The step is made at a time when there are some regulatory developments in the state of Pennsylvania, where there is already functioning online gambling legislation.
The share placing was done by using the already existing authorities of the company which were acquired from GAN’s shareholders at the time of the company’s General Meeting that took place at the end of June 2016. The above-mentioned authorities were used to distribute shares on a non-pre-emptive basis.
The Chief Executive Officer of GAN Plc Dermot Smurfit commented on the placing sale, saying that the sale brought them the American company’s support, not to mention the fact that it even made their investment case more popular among the US technology investment community. UK-based GAN are known as industry leaders for high quality gaming content, so they believe that the recent investment would provide them with the chance to expand their reach among American investors.
According to Smurfit, his company has a “strong and unique product offering”, as well as constantly increasing customer base and capital that would be sufficient for its current and expected business projects. The company’s Chief Executive Officer also said that no further capital requirements are expected by its directors at this time.