Completes $35M Placement
Sydney, June 22, 2020 AEST (ABN Newswire) - Further to the ASX announcement dated 16 June 2020, the Board of BetMakers Technology Group Limited (
ASX:BET) (T07:FRA) is pleased to announce that the Company has completed the issue and allotment of 94,594,595 fully paid ordinary shares ("Placement Shares") to raise A$35 million (before costs) at A$0.37 per Placement Share from sophisticated and institutional investors ("Placement").
The Placement Shares have been issued without a disclosure document in accordance with section 708 of the Corporations Act 2001 (Cth) (Act) and were issued under the Company's placement capacity under ASX Listing Rule 7.1A and 7.1.
The shares issued under the Placement were issued as follows:
- 47,200,055 shares were issued under the Company's 15% placement capacity under ASX Listing Rule 7.1; and
- 47,394,540 shares were issued under the Company's additional 10% placement capacity under ASX Listing Rule 7.1A.
Funds received from the Placement will be used to pay the final instalments relating to the Company's acquisitions of the DynamicOdds and Global Betting Services businesses (refer to the Company's ASX announcement dated 30 April 2019 for further details) and to fund the Company's growth initiatives, including its expansion in the U.S market.
The Company is in advanced negotiations of commercial terms with several US-based operators and, following U.S. regulatory approval, the Company expects to announce deals with licensed operators within New Jersey and other domestic and international racing bodies looking to offer their racing to these New Jersey licensed operators. While the Company has previously announced that it is awaiting final regulatory approval for Fixed Odds betting in New Jersey and at this stage has no firm date, the Company expects the final approval to be granted before the re-opening of racing at Monmouth Park on 3 July 2020.
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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