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Further private placement adds to Asian-facing firm's coffers for Chinese marketing
Toronto-listed Dynasty Gaming Inc. closed a further private placement this week, raising gross proceeds of C$1 000 000 on the deal. This offering, covering an amount in addition to the private placement for C$5 000 000 that closed on 17 November (see previous InfoPowa report), resulted in the sale of 2 000 000 shares of the company at a price of $0.50 per share.
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The funds raised will be combined with existing funds for use in managing Dynasty's Mahjong operations and prepaid card activities in China, for marketing activities in China and for general working capital.
Each Unit consists of one common share and one common share purchase warrant, each warrant entitling the holder to acquire one additional common share at a price of $0.75 per share for a period of two years. All of the Units sold are subject to a 4 month hold period. The warrant also carries a redemption feature in favour of the company.
In connection with this closing, Dynasty has agreed to pay a cash finder's fee of $63 000 for subscriptions located by appropriate persons. As a result of this funding transaction, the issued and outstanding capital of Dynasty Gaming has increased to 89 617 893 common shares.
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