February 01, 2013 16:30 ET
TORONTO, ONTARIO--(Marketwire - Feb. 1, 2013) -
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TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") today announced the closing of the additional subscription tranche of $300,000 previously announced January 24, 2013. A total of 2,307,692 units were issued to the subscriber with each unit priced at $0.13 and comprised of one (1) common share and one (1) common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share at an exercise price of $0.20 at any time on or before the 24-month anniversary of the closing date.
The net proceeds from private placement will be used for working capital and general corporate purposes and provides the company with the financial resources that will lay the foundation for strategic agreements that the Company is working on.
In connection with the private placements, a finder's fee of 6% of the aggregate gross proceeds arising therefrom were paid to a finder. In addition, the finder received 184,615 non-transferable warrants (the "Compensation Warrants") equal to 8% of the total number of common shares issued in connection with the offering. Each Compensation Warrant is exercisable at a price of $0.30 for a period of 24 months to acquire one Common Share of the Company.
About TransGaming Inc.
TransGaming Inc. (TSX VENTURE:TNG) is the global leader in developing and delivering platform-defining social video game experiences to consumers around the world. From engineering essential technologies for the world's leading companies, to engaging audiences with truly immersive interactive experiences, TransGaming fuels disruptive innovation across the entire spectrum of consumer technology. TransGaming's core businesses span the digital distribution of games for Smart TVs, next-generation set-top boxes, and the connected living room, as well as technology licensing for cross-platform game enablement, software 3D graphics rendering, and parallel computing. Visit us at www.transgaming.com.
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.
TransGaming Inc.Dennis EnsingChief Financial Officer1.416.979.9900 firstname.lastname@example.org
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