White label and online gaming supplier Nektan has completed its equity investment to raise new working capital, with the final proceeds of £ 2.6 million (€ 3.0 million/$3.3 million) falling short of its initial £ 3.0 million goal. The manufacturer has entered into subscription agreements and secured plans to subscribe to raise £ 2.6 million from certain shareholders, selling 52 million shares at a rate of five pence per share. The company will receive £ 2.5 m in working capital after the expenses related to the placement are factored in.
According to Nektan, funds raised from the placement will now be used to support the working capital requirements of its operations, with the idea of continuing to grow the business of its gaming solutions in Europe. However, Nektan said some of the new funds will be allocated to the on going development of its B2B software licensing and games distribution business. Nektan also acknowledged, however, that the placement remains subject to approval by its investors at an extraordinary general meeting (EGM). The provider said the proceeds would not be made available if the placement did not secure this approval.
If this were the case, Nektan said it was “urgent to find new or alternative sources of funding,” which in turn would incur additional costs. Last week, after discovering that some parties offered conditions that were found to be unacceptable in exchange for investment, Nektan extended the deadline for placing orders for the fourth time.
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