Treasury
GiG Software Raises EUR9 Million to Fund 888 Africa Purchase
GiG Software (GIG-SDB.ST) said Wednesday it raised 8.5 million euros through a directed share issue and convertible loans to fund the initial consideration of its planned acquisition of a majority stake in 888 Africa.Under the directed issue, the gaming technology company issued shares, represented by Swedish depository receipts, or SDR, to existing shareholders at 1.725 kronor per SDR for a total of 2.5 million euros.The company also raised 6 million euros in two-year convertible loans from Richard Carter, Myrild, and Nalavio. Under the loan agreements, 25% of the principal could be converted into SDRs every six months.The company will use the remaining proceeds for general corporate purposes.
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