Gaming firm Amaya plans IPO and eyes growth

Amaya said the proceeds from the offering as well as a subordinated debt financing from Capital Regional et Cooperatif Desjardins of us$ 2.8 million - before financing fees would go to fund growth.

The offering, to take place on or around July 21, comes as Canada's market for IPOs sputters back to life. The deal will see Amaya sell between 5,000 and 7,500 units at a price of us$ 0.96 apiece, with each unit consisting of one common share and one half of one common share purchase warrant.

Each whole warrant will allow holders to buy one common share at a price of C$1.50. The offering is being made through a syndicate of agents led by Canaccord Genuity Corp. and including Desjardins Securities Inc.

The TSX Venture Exchange has conditionally approved the listing of Amaya's common shares under the symbol "AYA". Current products offered by Amaya include Pokerstation, Pokermate and Mosino.

Amaya revenue rose about 20 % in 2009 over the year ago to some us$ 5.7 million. Net profit, however, fell marginally to us$ 626,348, from us$ 651,362 in 2008 and a loss of us$ 1.90 million in 2007, according to documents filed to SEDAR, the Canadian document filing system for companies.