|Gaming Insight PLC, the digital media rights and interactive gaming company, has raised enough money to fund the launch of gobarkingmad, a multi-platform interactive gaming channel.|
The company recently raised £1 million by issuing convertible loan notes.
The company has also won contracts for its new casino software.
The company also said its casino division is currently operationally profitable with turnover up over 300 per cent year on year to in excess of £12 million and it has performed at record levels in quarter one of this year.
All the additional capital will be used to fund the launch of gobarkingmad, which will be launched on BSkyB's digital TV.
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 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.
The casino division won contracts for the launch of online casinos for Alta Vista and Marco Pierre White brands 'The Mirabelle,' and 'The Stork Rooms', using new 3D virtual reality software.
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