LONDON (Alliance News) - Gaming Realms PLC on Wednesday said it has conditionally raised GBP1.5 million through a subscription of 7.7 million shares at 20 pence each.
The company, which creates mobile real money and social games, said the proceeds will be used to support the launch of the new social casino 'Lucky Streak', and to fund the continued growth of the real money Grizzly platform in the UK, which will launch theXfactorgames.com site in partnership with television production company Fremantle Media.
As part of the subscription, Executive Chairman Michael Buckley will subscribe for 500,000 shares. Following this, he will hold 21.5 million shares representing 8.4% of the company's issued share capital.
Chief Executive Patrick Southon will subscribe for 150,000 shares, following which he will hold 11.7 million shares representing 4.6% of the company's issued share capital.
Deputy Chairman Atul Bali will subscribe for 825,000 shares, following which he will hold 1.8 million shares representing 0.7% of the company's issued share capital.
Finally, Executive Director Simon Collins will subscribe for 100,000 shares, following which he will hold 10.6 million shares representing 4.1% of the company's issued share capital.
Shares in Gaming Realms were trading up 1.2% at 19.85 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Gaming Realms (GMR)