Nektan in GBP 7.1 million financing round
News on 28 Apr 2015
News on 28 Apr 2015
London-listed B2B mobile gaming platform provider Nektan completed a GBP 7.1 million financing round this week, proceeds of which it says it will use to support the company’s growth strategy while maintaining momentum in its key markets.
Key focus areas for Nektan include:
continued expansion in the US tribal and commercial casino market, where it now has 18 signed contracts and/or letters of intent with licensed casino operators;
the continued growth of its European business currently comprising 16 white label partners on its proprietary Evolve platform with a further 14 contracts signed during the quarter; and,
the launch of its partnership with The Sun in the UK to operate white-label real money gaming from the end of H1/2015.
“The last six months have seen an acceleration in demand for our mobile, tablet and desktop gaming products and services, most notably with our landmark real money gaming partnership announced with The Sun in the UK,” chief executive officer David Gosen said in a press statement.
“The support from existing and new investors in this Financing is a clear endorsement of our focused strategy and will now allow Nektan to capitalise on our early market entry in the US and build on the European momentum with the continuing conversion of a strong partner pipeline.”
The finance package comprises the issue of GBP 4.7 million of Convertible Loan Notes, a placing of 1,044,774 Placing Shares, and the intended drawdown of a further GBP 0.6 million under the DTL Loan Facility.
