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Canadian Online Gambling Firm Raises $4.81m from IPO

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Amaya Gaming Group, an online gambling technologies firm based in Montreal, Canada, raised CAN$5 million ($4.81 million) on Wednesday this week through an initial public offering (IPO) to help fund future growth.

The firm, which is a leading developer of network and server-based online gambling games as well as electronic table games, sold 5 million units (a common Amaya share plus half a common share purchase warrant) for CAN$1 each.

The IPO was completed using a syndicate of agents headed by Canaccord Genuity Corp. However, according to a listing on SEDAR, the document filing system for Canadian companies, Amaya was aiming to raise CAN$7.5 million.

According to reports, Amaya Gaming Group is planning to use the IPO funds with an additional CAN$3 million of subordinated debt financing from Quebec-based Capital Regional et Cooperatif Desjardins to finance its growth.

Amaya Gaming Group is best known for its multi-game platforms as well as Mosino, Pokermate and Pokerstation poker applications, as well as MahjongMate, Virtual Racing (horses), Double BlackJack and Roulette.

In 2009, Amaya revenues increased by approximately 20 percent to CAN$5.9 million. However, its net profit sank to CAN$648,038 from CAN$673,919 in 2008. Interestingly, Amaya posted a CAN$1.97 million loss in 2007.

Following the IPO, Amaya’s shares remained unchanged at CAN$1.15 each.

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