Completes equity financing of $ 6 Million
Vancouver-based software developer Contagious Gaming's (formerly Kingsman Resources Inc) common shares have commenced trading on the Canadian TSX Venture Exchange following the completion of a reverse takeover (RTO) with Contagious Sports Ltd and Telos Entertainment Inc.
"Our 'going public' transaction is an exciting milestone in the history of our Company as we seek to position Contagious Gaming for the continued success of our first of its kind in-play sports betting platform and our digital instant lottery content," commented Peter Glancy, Chief Executive Officer and Director of the Company. "Our public listing is a critical step in fulfilling our commitment to become a leading developer and provider of software based solutions for regulated gaming and lottery markets."
Concurrently with the completion of the RTO, Contagious Gaming completed an equity financing for total gross proceeds of $6,002,800 which will be used to launch the company's GoalTime lottery-style sports betting system, expand its game portfolio, repay debt and working capital.
Glancy has been with Contagious since June 2011. Prior to forming the London-based Contagious Sports, he served as Managing Director of Gextech Holdings Limited, a technology developer for the gaming industry.
Contagious Gaming said it intends taking advantage of the sports betting and instant lotteries markets by "acting as a first mover in the rapidly emerging US on-line instant lottery sector and deploying the only remote in-play, parimutuel sports betting platform in the world."
The company holds strategic marketing agreements with UK multimedia company Trinity Mirror PLC and Satellite Information Systems (SIS), and has been selected 1 of 6 by GTECH and 1 of 4 by Scientific Games as third-party development partners for US e-Instant Lottery.
Online Casino News Courtesy of Infopowa