Las Vegas From Entertainment Inc.

Las Vegas From Entertainment Inc.

May 18, 2010 08:30 ET

Las Vegas From Entertainment Inc. Arranges Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 18, 2010) - Las Vegas From Entertainment Inc. (the "Company") (TSX VENTURE:LVH)(PINK SHEETS:LVFHF)(BERLIN:LVH)(FRANKFURT:LVH) has arranged a non-brokered private placement financing whereby the Subscribers will purchase up to 60,000,000 Units of the securities of the Company at the price of $0.05 per Unit for total proceeds to the Company of up to Cdn $3,000,000. Each Unit shall consist of one common share in the capital of the Company and one share purchase warrant to purchase an additional common share in the capital of the Company, exercisable at the price of $0.10 per common share if exercised in the first year from Closing and at the price of $0.25 per common share if exercised in the second year from Closing. There will be a finder's fee payable in respect to this transaction. This transaction is subject to the approval of the TSX Venture Exchange (the "Exchange").

The proceeds of the non-brokered private placement financing will be used for the continued development and roll-out of certain new and innovative products in targeted markets with established strategic operational partners.

Furthermore, the Company's main business initiatives and focus will be pursuing either government partnered online gaming opportunities or operating in specific government licensed jurisdictions that will enable the Company to operate with strategic industry leaders in a wide range of online games that include poker, casino, bingo and sports book.

In addition, the Company has granted an aggregate of 10,500,000 Incentive Stock Options ("Options") to Directors, Officers, Employees and Consultants of the Company all exercisable at a price of $0.10 per common share expiring on May 18, 2013. These Options have been reserved for issuance pursuant to the Company's Amended 2004 Stock Option Plan which has previously received acceptance from the Exchange and the Company's Shareholders. 25% of the Options granted shall vest immediately with 25% vesting every six months thereafter. Any shares issued pursuant to the exercise of the Options will be subject to a hold period expiring on September 19, 2010.

On behalf of the Board of Las Vegas From Entertainment Inc.

Jake H. Kalpakian, President

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Las Vegas From Entertainment Inc.
    Jake H. Kalpakian
    (604) 681-0204 ext 6105
    (604) 681-9428 (FAX)