Shoal Games Ltd.
TSX VENTURE : SGW
OTCQB : SGLDF

Shoal Games Ltd.

May 05, 2016 20:00 ET

Shoal Games Ltd. Closes First Stage of $2 Million Private Placement

ANGUILLA, BRITISH WEST INDIES--(Marketwired - May 5, 2016) - Shoal Games Ltd. (TSX VENTURE:SGW)(OTCQB:SGLDF) ("the Company") announces that it has closed on the distribution of 1,504,600 common shares at $0.60 per share (the "Offering") which raised proceeds of CAD$ 902,760. The Offering was conducted in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario with subscribers qualified under the Offering Memorandum exemption available in section 2.9 of National Instrument 45-106. Stockhouse Publishing hosted the Offering through its online Deal Room.

The Company is seeking to close the balance of its $2 million private placement through the participation of qualified accredited investors. Closing of the second stage of the private placement is scheduled for the end of May 2016. Stockhouse Publishing will continue to host the Offering through its online Deal Room at www.Stockhouse.com. Shares issued on closing of the Offering have a four month hold period from the date of issue. Final approval of the TSX Venture Exchange has been received for the Offering.

Proceeds of the Offering will be used principally for development and marketing to increase product exposure and player base for the Company's Trophy Bingo game.

For full details of the Company's operations and financial results, please refer to Shoal Games Ltd's. corporate website at http://investor.shoalgames.com or Shoal Games' continuous disclosure record on SEDAR.

About Shoal Games Ltd.

Shoal Games Ltd. (TSX VENTURE:SGW)(OTCQB:SGLDF) http://www.shoalgames.com is the parent company of the group of companies, which owns Trophy Bingo (http://www.trophybingo.com), live in the Apple, Google and Amazon App Stores, and Garfield Bingo, in production and scheduled for a Q4 2016 release. Both games are built on the Company's innovative proprietary free-to-play mobile game system that brings unique gameplay and industry leading monetization techniques to the bingo category which is both high growth and high value. Garfield Bingo, once released, and Trophy Bingo are free to download and earn revenue through in-app purchases and in-game advertising. Shoal Games Ltd. trades on the TSX Venture exchange in Canada and the OTCQB venture marketplace for companies that are current in their reporting with the U.S. regulator. Investors can find real time quotes and market information for the Company at http://web.tmxmoney.com/quote.php?qm_symbol=SGW and http://www.otcmarkets.com/stock/SGLDF/quote.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Specifically, readers should read the Company's Annual Report on Form 10-K, filed with the SEC on March 17, 2016, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, and the TSX Venture Exchange Listing Application for Common Shares filed on June 29, 2015 on SEDAR, for a more thorough discussion of the Company's financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Shoal Games Ltd.

Contact Information

  • Shoal Games Ltd.
    Henry Bromley
    CFO
    (888) 374-2163