|LONDON (AFX) - Gaming Insight PLC, the digital media rights and interactive gaming company, said it has secured a 1 mln stg fundraising through the issue of convertible loan notes and has won contracts for its new casino software.|
The company also said its casino division is currently operationally profitable with turnover up over 300 pct year on year to in excess of 12 mln stg and it has performed at record levels in quarter one of this year.
The additional capital, together with the profits from the casino division, will be used to fund the launch of gobarkingmad, the multi-platform interactive gaming channel, which has already achieved improved operational efficiencies to reduce its ongoing overheads, said the company.
The interactive TV gaming division continues its final stages of development of its application in the run up to its launch on BSkyB's digital TV platform. The company also announced today that this division has secured a German broadcasting licence.
The contracts won by the casino division involve the launch of online casinos for Alta Vista and Marco Pierre White brands 'The Mirabelle' and 'The Stork Rooms', using the company's new 3D virtual reality software.
Under the loan note issue, the notes will become convertible, following shareholder approval, at 5 pence, or the subscription price at a subsequent fundraising if lower. The loan notes are repayable on March 31 2005 and are subordinated to the creditors of the company.
A further 725,000 stg of loan notes will be issued on the same terms to settle in full the outstanding balance of an existing loan to the company from Ajabo PLC, a company associated with Nigel Robertson, the company's chairman.
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