Gaming Realms raises £1.5m in share subscription
Gaming Realms has conditionally raised £1.5 million (€1.9 million/$2.1 million) through a subscription of 7.7 million shares at 20 pence each on the London Stock Exchange.
In a statement confirming the funds, the real-money and social gaming company said that it intends to use the money to support the launch of new social casino ‘Lucky Streak’.
The firm will also use the funds to support its real-money ‘Grizzly’ platform in the UK, which is to launch theXfactorgames.com, a website based on television talent show ‘The X Factor’ that will be rolled out in partnership with television production company Freemantle Media.
As part of the share subscription, executive chairman Michael Buckley will subscribe for 500,000 shares, increasing his shareholding in the company to 21.5 million, or 8.4% of the firm’s issued share capital.
Chief executive Patrick Southon will subscribe for 150,000 shares, boosting his total holding to 11.7 million shares (4.6%).
Deputy chairman Atul Bali will subscribe for 825,000 shares, increasing his holding 1.8 million shares (0.7%), while executive director Simon Collins will gain 100,000 shares to increase his holding to 10.6 million shares (4.1%).
Related article: Gaming Realms offloads third-party website assets