SBC News Voice of the Sports Betting Industry
Mobile content and platform provider Nektan Plc (London AIM listed) has announced that it has raised an additional £2.75 million in corporate funds through a follow on funding rounding.
Nektan governance announced that the capital had been raised by through the issue of £2.39 million in convertible loan notes and a placing of 32,258 new Ordinary Shares at £0.01 each. The new shares have been placed with Octopus Investments Limited at a price of 155 pence per share.
The announcement of new funds raised, follows Nektan April announcement that it had raised £7 million by issuing convertible loan notes
Governance stated that the new funds raised will be used to support the company’s future growth strategy and current operations.
The mobile platform developer is seeking further expansion in the US market, having agreed partnerships with US tribal and commercial casinos through joint venture Respin, which has gained the firm 12 casino partnerships.
Gary Shaw, Executive Chairman of Nektan, stated:
“Respin, our US joint venture, is continuing to build on its strong momentum as it accelerates the addition of new contracts with casino partners for Xtraspin wheels. Slot machines fitted with our Xtraspin wheels are generating revenue “coin in” uplifts in excess of 30% for our casino partners. This additional funding, which attracted a number of new investors as well as the continuing support of existing shareholders, will be used principally to help Respin further capitalise on its first mover advantage.
The Company continues to see strong quarterly growth across all key performance indicators as Nektan maintains its progress and strong momentum in our key markets in Europe and the US.”
