£5.3 Million Raised For 32 Red Online Casino
Published: Wednesday, March 29, 2006 Online-Casinos.com
£5.3 MILLION RAISED FOR 32 RED ONLINE CASINO & POKER ROOM
Investment will be in future 32 Red growth
One of the most player-respected online casinos and poker rooms on the Internet, 32 Red owned by the Trafalgar group has received a significant infusion of cash following a placement of almost 4 million ordinary shares ( 8 percent of its stock) with new institutional investors.
In a deal brokered by Numis Securities, the new 32Red shares were valued at 140 pence each to raise GBP 5.3 million that has been earmarked for future expansion through marketing of the online casino and poker room..
The placing involves the issue of 3 766 500 new ordinary shares - equivalent to approximately 8 percent of the company's existing ordinary share capital. It will widen 32 Red Online Casino's shareholder base and increase liquidity. Proceeds will be used for the expansion of the the marketing programme, and the company continues to look at acquisition opportunities within the online gaming industry.
Commenting on the announcement, Ed Ware, 32Red.com's Chief Executive Officer, said: "It has been our intention since admission to AIM last September to widen the shareholder base and raise capital to invest in 32Red's future growth.
"We are delighted to have raised these funds, which will enable us to step up our focused marketing programme and enhance 32Red's profile and brand recognition. The additional capital will also give us increased resources to pursue strategic acquisitions that we feel would be complementary to 32Red's existing offering."
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