By LLuvia Mares
New York, Oct. 22 - Elixir Gaming Technologies, Inc. announced Monday it plans to raise $50 million in a private placement of stock.
The company entered into a definite agreement with a group of institutional investors to sell 15 million shares of stock at $3.50 each. No warrants were issued in the transaction.
ThinkEquity Partners, LLC was the placement agent.
The proceeds will be used to repay debt, fund the purchase of electronic gaming machines and for general working capital purposes.
Macau-based Elixir specializes in gaming machine technology.
Issuer: Elixir Gaming Technologies, Inc.
Issue: Stock
Amount: $52.5 million
Shares: 15 million
Price: $3.50 each
Warrants: No
Placement agent: ThinkEquity Partners, LLC
| Announcement date: | Oct. 22
|
| Stock symbol: | Amex: EGT
|
| Stock Price: | $4.16 at close Friday
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