Marketwire Canada - NFD NOT FOR DISSEMINATION IN THE UNITED STATES
TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") announced today that it has filed a final short form prospectus (the "Prospectus") with the security regulatory authorities in British Columbia, Alberta and Ontario in connection with its previously announced public offering (the "Offering") of up to 19,047,619 units of the Company (the "Units") at a price of $0.21 per Unit for gross proceeds of up to $4,000,000. As previously announced, each Unit will be comprised of one common share of the Company (a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one common share of the Company (a "Warrant Share"), for a period of twenty-four (24) months at an exercise price of $0.33. A copy of the Prospectus is available on SEDAR (www.sedar.com).
In connection with the Offering, the Company has entered into an agency agreement with Global Maxfin Capital Inc. and Jacob Securities Inc. (collectively, the "Agents"), pursuant to which the Agents will market the Offering on a "best efforts" basis.
As previously announced, the Company has also granted the Agents an option (the "Over-Allotment Option") to cover over-allotments and for market stabilization purposes, exercisable in whole or in part, until the date that is 30 days after the date of closing of the Offering, to sell up to 2,857,143 additional Units at a price of $0.21 per Unit for additional gross proceeds to the Company of up to $600,000.
The Company has applied and has been conditionally approved to list the Unit Shares and the Warrant Shares issuable on exercise of the Warrants on the TSX Venture Exchange (the "TSXV"). Listing will be subject to satisfying customary post-closing requirements of the TSXV.
The Offering is expected to close on or about February 21, 2014. The Company intends to use the net proceeds of the Offering to pay certain indebtedness, for general corporate purposes and to leverage its previous investment in research & development and launch a source-based portability technology later this year.