Listed on Oslo Stock Exchange Gaming Innovation Group has announced its plans to issue 23 million new shares with target price amounting to NOK 1.95 (EUR 0.20) per share.
Gaming Innovation Group targets to raise an estimated amount of NOK 45 million (EUR 4.8 million) by the intented share placement which will be carried out by Swedbank Robur Fonder, well-known Scandinavian asset management firm.
The 23 million new shares total value based on the Gaming Innovation Group average trading volume as for 4th January 2016, accounts for 4.38% of the company’s equity.
The share placement will allow Gaming Innovation Group to “strengthen gigs financial position and enable the company to step up efforts to monitor strategic growth opportunities”, the operator noted.
Robin Reed, Gaming Innovation Group CEO and SiGMA15 guest, said: “A strengthened balance sheet will allow us to pursue these opportunities as they arise. As part of the transaction, we have received a substantial and long-term shareholder”
“GIG is pleased to announce that Swedbank Robur invests in the company, and that such a reputable investor has taken the initiative to us, something we see as a confirmation of the positive trend in Gaming Innovation Group. Last year did not pursue GIG attractive acquisition opportunities due to the need for channeling focus and revenue to our strong growth”, he added.
To read an interview with Robin Reed, download the latest issue of SiGMAgazine.