Webis Regulatory News (WEB)

13 Jan 2006 15:27

betinternet.com PLC13 January 2006 FOR IMMEDIATE RELEASE 13th January 2006 Placing and Loan Note Conversion The Board of betinternet.com plc, ('betinternet' or 'the Company') the globalon-line gaming group, confirms that following the passing of the resolutionsproposed at the Extraordinary General Meeting ('EGM') of the Company on 11January 2006, the placing of 40 million new Ordinary Shares with BurnbraeLimited ('Burnbrae') at a price of 4p per share has been completed, raising atotal of £1.6 million for the Company before costs. In addition, Burnbrae'sexisting loan (comprising of up to £250,000 of principal and £7,703.08 ofaccrued interest) has been amended and restated to provide that Burnbrae isentitled to convert that aggregate amount at the rate of one Ordinary Share forevery 4p of such amount converted. Burnbrae has now elected to convert thataggregate amount into an additional 6,442,577 new Ordinary Shares. The Boardhas allotted 46,442,577 new Ordinary Shares as a result of the placing and loannote conversion. This allotment will increase the holding of Burnbrae and itsconnected parties to 50.28 per cent of the issued ordinary share capital.Application will be made for admission of the new Ordinary Shares to trading onAIM which is expected to become effective on 18 January 2006. The Board believes that the raising of this additional finance will enable theCompany to move ahead with several strategic developments including therelocation of the Company Sportsbook servers to Curacao, which will allow theCompany to accept US wagers, and the continuing development of an improvedsoftware platform. ENDS For further information: betinternet.com plc Tel: 01624 698141Garry Knowles, Managing Director Williams de Broe plc Tel: 0113 243 1619Joanne Lake Britton Financial PR Tel: 020 7251 2544Tim Blackstone This information is provided by RNS The company news service from the London Stock Exchange