Gaming Corporation PLC

Placing of 71,500,000 New Ordinary Shares and 30,492,049 Existing
Ordinary Shares

Gaming Corporation PLC ("Gaming Corporation" or the "Company") (LSE:GMC)

Gaming Corporation announces that it has conditionally placed through its
broker, Canaccord Capital (Europe) Limited, a total of 71.5 million new ordinary
shares of 1p each ("New Ordinary Shares") at 14p pence per share to raise
approximately GBP 10 million before expenses for the Company (the "Placing").
Due to strong institutional demand and to further increase liquidity in the
Company's shares 30,492,049 ordinary shares are being placed on behalf of
existing shareholders (the "Selling Shareholders") which will reduce management
shareholdings by approximately 50 per cent. Pursuant to the Placing, Jason
Drummond and Justin Drummond have signed lock-in undertakings restricting the
sale of further shares or warrants by themselves for a period of 12 months.

The net proceeds of the Placing will be used to fund:

    --  the ongoing expansion of the Company's existing businesses, principally
        casino.co.uk and its recently developed mobile casino business;

    --  develop the Company's in-house poker business, findpoker.com,and games;

    --  appropriate acquisitions in the poker and casino areas.

The Company is in advanced discussions with mobile network operators with a view
to reaching agreement on supplying mobile casino games to the mobile market on a
partnership and revenue share basis.

The Placing is conditional on admission of the New Ordinary Shares to trading on
AIM ("Admission"). Admission and dealings are expected to commence on 14 March
2005. When issued, the new shares will rank pari passu in all respects with the
Company's existing ordinary shares. Following the Placing, the Company will have
a total of 257,302,054 ordinary shares in issue.

Justin Drummond CEO said "As we enter an exciting new phase of Gaming
Corporation's development we have decided to accelerate our plans to invest in
our existing businesses and to have funds available to enable us to effectively
take advantage of acquisition opportunities as they arise."

Following the Placing, the Selling Shareholders will remain significant holders
of the Company's ordinary shares as follows:

                       Date of        No. of    Placing     No. of
                       sale          shares     price      shares
                                      placed               after
                                                           Placing


 Jason Drummond    3 March 2005   16,279,618    14p     11,779,618

 Justin Drummond   3 March 2005    6,105,487    14p          -

  Charles Black    3 March 2005    3,690,552    14p      1,690,552

  Damien Greef     3 March 2005    2,130,556    14p      1,230,555

 Peter Williams    3 March 2005    2,285,837    14p       785,836


                         % of           No. of
                       issued          warrants
                         share           held
                       capital


  Jason Drummond        4.6%          4,500,000

 Justin Drummond         -            7,000,000

  Charles Black         0.7%          2,000,000

   Damien Greef         0.5%           900,000

  Peter Williams        0.3%          1,500,000



-0

    CONTACT: Gaming Corporation
             Justin Drummond, Chief Executive
             Jason Drummond, Executive Chairman
             020 7618 9000
             or
             Canaccord Capital (Europe) Limited
             Neil Johnson
             Mark Ashurst
             020 7518 2777
Global Market (LSE:GMC)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Global Market Charts.
Global Market (LSE:GMC)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Global Market Charts.