TransGaming Inc.

TSX VENTURE : TNG


TransGaming Inc.

February 21, 2014 09:39 ET

TransGaming Closes Fully Subscribed Public Offering

TORONTO, ONTARIO--(Marketwired - Feb. 21, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES

TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") is pleased to announce that it has closed its previously announced public offering (the "Offering"), pursuant to which the Company sold a total of 21,904,762 units of the Company (the "Units") for gross proceeds of $4,600,000. The Offering was completed today under an agency agreement, dated February 18, 2014, between the Company and Global Maxfin Capital Inc. and Jacob Securities Inc. (the "Agents") and included the closing of the over-allotment option, which was fully exercised.

Each Unit was comprised of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share of the Company at an exercise price of $0.33 until February 21, 2016.

The net proceeds of the Offering will be used for general corporate purposes, to pay certain indebtedness, to leverage its previous investment in research & development to launch a broader portability platform later this year, and to enhance and expand its existing graphics 3D rendering technology known as SwiftShader for applications beyond existing enterprise software capabilities.

For further details regarding the Offering, please see the Company's press releases dated February 3, 2014 and February 18, 2014, respectively, the short form preliminary prospectus filed on February 3, 2014, the final short form prospectus filed on February 19, 2014 and the agency agreement, copies of which are available under the Company's profile at www.sedar.com.

"Technology companies require capital as their fuel for high growth. TransGaming has demonstrated exceptional results and performance in difficult economies while also operating very lean. This funding round allows us to carefully invest in critical areas and accelerate the adoption of our products globally", commented Vikas Gupta, CEO & President of TransGaming. "We've made international news headlines through strategic agreements with Samsung, Toshiba, and many others, our product portfolio is aligned well with our industry sector and we are now positioned to effectively execute on our business plan while also expanding our technology platform to pursue new industry developments. This is an exciting time for TransGaming as we position ourselves for the next chapter of growth and embrace the multitude of opportunities on the horizon."

About TransGaming Inc.

TransGaming Inc. (TSX VENTURE:TNG) is a 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 http://transgaming.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Forward-Looking Statements

This news release contains forward-looking statements. Actual events or results may differ materially from those described in the forward-looking statements due to a number of risks and uncertainties, including changes in financial and product market conditions. Forward-looking statements are based on management's estimates, beliefs, and opinions. The Company assumes no obligation to update forward-looking statements, other than as may be required by applicable law.

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.

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