GIG strengthens financial position to pursue growth opportunities
The issue of 23,000,000 new shares will add total gross proceeds to the Company of approximately NOK 45 million. The pricing of the new shares is based on the volume-weighted average price on 4 January 2016. Following the share issue, Swedbank Robur Fonder will hold 4.38% of the shares in the Company.
Robin Reed, CEO of GIG, said: “GIG is pleased to announce the investment in the Company by Swedbank Robur. We are delighted to see such a credible and successful player approach us which we see as a testament to the development of Gaming Innovation Group. Last year GIG did not pursue attractive acquisition opportunities because of the need to channel focus and revenues into our rapid growth. We know today that these acquisitions would have been complementary to our strategy and profitable. The Company is now ready to take advantage of such opportunities from an operational perspective and a strengthened balance sheet will allow us to pursue such opportunities rapidly as they arise. Furthermore, as part of the transaction we are getting a substantial and longterm shareholder".
The new shares will be issued under the Company’s 750,000,000 authorized shares. Following the share issue, the Company will have 525,120,952 shares outstanding.
Carnegie acted as financial adviser to the Company in connection with the share Issue.
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