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Amaya Gaming profit from an agreement with Canaccord Genuity Corporation

canaccordGaming industry entertainment solutions provider Amaya Gaming Group Incorporated has entered into an agreement with a group of underwriters led by Canaccord Genuity Corporation that will see it raise $40 million via a bought deal private placement of 6.4 million common shares.

Montreal-based Amaya Gaming revealed that it has also granted Canaccord Genuity an additional option that could see the underwriter purchase up to an additional 15 percent of the shares for an extra six million dollars.

The past year has seen Amaya Gaming acquire or agree to purchase Diamond Game Enterprises, Ongame Network Limited, Cadillac Jack Incorporated and CryptoLogic Limited with the Canadian firm stating that the additional capital is to be used for ‘general corporate and working capital purposes’ for the implementation of its ‘growth strategy’ along with ‘the expansion of its international activities’.

Amaya Gaming declared that all securities sold as part of the private placement are to be subject to a statutory four-month hold period while it expects to close the deal ‘on or about’ July 11 subject to approvals from the Toronto Stock Exchange’s Venture Exchange and ‘the satisfaction of other customary closing conditions’.