By Sheri Kasprzak
Atlanta, April 21 - Las Vegas From Home.com Entertainment Inc. said it has arranged a private placement for C$8,000,200.
The company plans to sell 12,308,000 subscription receipts at C$0.65 each. The receipts are exchangeable for one unit comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$1.00 each for two years.
The proceeds of the deal will be held in escrow pending the receipt of the certificate of articles of amendment, which will allow the company to issue all underlying shares associated with the offering.
An underwriting syndicate led by Wellington West Capital Markets Ltd. and CIBC World Markets Inc. and including GMP Securities Ltd. and Sprott Securities Inc. has an over-allotment option for up to 3,077,000 additional receipts.
The offering is expected to close May 12.
Separately, the company said it plans to raise C$950,300 in a non-brokered offering of 1,462,000 units offered under the same terms as the brokered deal. That offering is expected to close July 14.
Based in Vancouver, B.C., Las Vegas From Home develops electronic gaming software. The proceeds from the subscription receipts will be used for growth, the expansion of sales and marketing initiatives, potential acquisitions and general working capital.
| Issuer: | Las Vegas From Home.com Entertainment Inc.
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| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
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| Amount: | C$8,000,200
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| Receipts: | 12,308,000
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| Price: | C$0.65
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| Warrants: | One half-share warrant per unit upon exchange
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
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| Underwriters: | Wellington West Capital Markets Ltd. (lead); CIBC World Markets Inc. (lead); GMP Securities Ltd.; Sprott Securities Inc.
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| Pricing date: | April 21
|
| Settlement date: | May 12
|
| Stock price: | C$0.73 at close April 20
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