Great Canadian Gaming Corporation

Great Canadian Gaming Corporation

January 06, 2005 15:52 ET

Great Canadian Gaming Corporation: Filing of Final Prospectus


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GREAT CANADIAN GAMING CORPORATION

TSX SYMBOL: GCD

JANUARY 6, 2005 - 15:52 ET

Great Canadian Gaming Corporation: Filing of Final
Prospectus

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - Jan. 6, 2005) - Great
Canadian Gaming Corporation (TSX:GCD)

THIS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED OR INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES OF
AMERICA.

Great Canadian Gaming Corporation (the "Company") is pleased to announce
that it has filed and received final receipts of the regulators in each
province of Canada for the final short form prospectus qualifying for
the distribution of 1,500,000 Common shares of the Company at a price of
$41.50 per Common share and an additional 500,000 Common shares of the
Company owned by Big Two Investments Inc. and CVL Investments Ltd.
pursuant to an option granted to the Underwriters to purchase up to an
additional 500,000 Common shares of the Company exercisable at any time
up to 48 hours before closing of the offering at a price of $41.50 per
Common share.

The net proceeds of the offering will be used to complete the
acquisition of Orangeville Raceway Limited, to complete the acquisition
of the shares of Weinlager & Amici Caffe (Coquitalm) Ltd. and Weinlager
& Amici Caffe (Victoria) Ltd. and to reduce an operating line of credit
related to the termination of the share purchase agreement with Wall
Financial Corporation.

The Offering, led by Sprott Securities Inc., is expected to close on or
about January 13, 2005.

Great Canadian Gaming Corporation, with over 3,000 employees, is a
multi-jurisdictional gaming operator with six operating casinos, a
thoroughbred racecourse, several licensed restaurants, a marina
operation and a community gaming centre (bingo and slots) in British
Columbia, through Great American Gaming Corporation, four gaming and
restaurant/entertainment facilities in Washington State. The Company is
actively expanding its holdings in both British Columbia and Washington
State and is pursuing investment opportunities in other jurisdictions.

ON BEHALF OF GREAT CANADIAN GAMING CORPORATION

Thomas Bell, Executive Director, Corporate Development

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Great Canadian Gaming Corporation - Media Contact
    Howard Blank
    (604) 512-6066
    or
    Great Canadian Gaming Corporation - Corporate Contact
    Thomas Bell
    Executive Director, Corporate Development
    (604) 303-1000
    (604) 279-8605 (FAX)
    Website: www.gcgaming.com