RE:PP financing on sedar News was published.
Jackpot Digital arranges $750,000 private placement
2017-06-30 15:12 ET - News Release
Mr. Jake Kalpakian reports
JACKPOT PROPOSES A NON-BROKERED PRIVATE PLACEMENT FINANCING
Jackpot Digital Inc. proposes to enter into a non-brokered private placement financing with several parties whereby Jackpot Digital may raise gross proceeds of up to $750,000 by issuing up to 15 million units of the company at five cents per unit. Each unit will consist of one common share of the company and one transferable share purchase warrant to acquire an additional common share of the company at the price of five cents until Jan. 20, 2022. These warrants will have the same terms and conditions as the warrants that were issued by the company pursuant to the rights offering completed on Jan. 20, 2017. Subject to the approval of the TSX Venture Exchange, the company intends to apply for listing of the private placement warrants on the exchange, which listing will be on the same terms and conditions as the rights offering warrants and will not become effective until after the statutory hold period in respect of the private placement warrants has expired.
President and chief executive officer Jake Kalpakian intends to participate in this proposed financing by subscribing for a minimum of two million units of the company. The funds will be used toward building the company's new Jackpot Blitz electronic table game (ETG) platform to meet existing table commitments as well as future Jackpot Blitz orders, expediting regulatory licensing in new jurisdictions, and for general working capital.
Mr. Jake Kalpakian stated: "We just came off the Canadian Gaming Summit where we debuted our new Jackpot Blitz ETG. Based on the positive reaction Jackpot Blitz generated, with this financing, we are taking the steps to ensure we meet current and future market demands. We are very excited with what the future holds for Jackpot Digital Inc."
In respect to this proposed financing, there may be finders' fees payable to arm's-length parties. The securities that may be issued in connection with this proposed financing will be subject to a hold period in accordance with applicable securities laws. This proposed financing is subject to the approval of the exchange.
About Jackpot Digital Inc.
Jackpot Digital is a leading electronic table games manufacturer and mobile gaming provider for the cruise ship industry and regulated casino industry. The company specializes in multiplayer gaming products, including poker and casino games, which are complemented by a robust suite of back-end tools for operators to efficiently control and optimize their gaming business.
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