Jackpot Announces Non-Brokered Private Placement
Jackpot Digital Inc. (OTCQB:JPOTF) announced a non-brokered private placement to raise up to $1.8 million by issuing up to 10 million units at $0.18 per unit. Each unit includes one common share and a warrant for $0.25 for five years. The funds will support the production of Jackpot Blitz electronic tables, regulatory licensing, software development, and working capital. The closing is anticipated around March 19, 2021, pending Exchange approval. The company aims to enhance its operational readiness amid the uncertainty in the cruise and land-based casino sectors.
- Funds raised will empower quicker deployment towards high capital expenditures.
- Private placement oversubscribed, indicating strong investor interest.
- Expansion plans into the Nevada and Asian markets are being accelerated.
- Dependence on uncertain timeline for cruise ship and casino industry recovery.
VANCOUVER, BC / ACCESSWIRE / March 12, 2021 / Jackpot Digital Inc. (the "Company" or "Jackpot") (TSXV:JJ)(TSXV:JJ.WT.A)(TSXV:JJ.WT.B)(TSXV:JJ.WT.C)(OTCQB:JPOTF)(Frankfurt:LVH3)(Berlin:LVH3). Pursuant to a Price Reservation Form which the Company filed with the TSX Venture Exchange (the "Exchange") on March 8, 2021, the Company announces that it intends to conduct a non-brokered private placement to raise up to
The private placement is expected to close on or about March 19, 2021, subject to the satisfaction of customary closing conditions, including receipt of conditional approval by the Exchange for the private placement.
The funds will be utilized towards production of the Company's Jackpot Blitz™ electronic tables ("ETGs"), and towards regulatory licensing fees and expenses for new jurisdictions, software development and for general working capital.
President & CEO Mr. Jake Kalpakian, states "Our recent financing which we closed was well oversubscribed. Given the current uncertainty as to when the cruise ship industry will resume its operations, and as to when land-based casinos will re-open for normal operations, this extra funding will give us the flexibility to deploy resources much quicker towards higher capital expenditures such as applying for a Nevada license, as well as accelerating our plans to enter the Asian market."
The securities that may be issued in connection with this Financing shall include a hold period in accordance with applicable securities laws. There may be finder's fee payable in respect to this Financing in accordance with the policies of the Exchange.
About Jackpot Digital Inc.
Jackpot Digital Inc. is a leading electronic table games manufacturer and mobile gaming provider for the cruise ship industry and regulated casino industry. The Company specializes in multiplayer gaming products, including poker and casino games, which are complemented by a robust suite of backend tools for operators to efficiently control and optimize their gaming business.
For more information on the Company, please contact Jake H. Kalpakian, President and CEO, at (604) 681-0204 ext 6105, or visit the Company's website at www.jackpotdigital.com.
On behalf of the Board of
Jackpot Digital Inc.
"Jake H. Kalpakian"
Jake H. Kalpakian
President & CEO
Trading in the securities of the Company should be considered speculative.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding future plans, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "objective", "believe", "expect", "propose", "anticipate", "intend", "plan", "estimate", and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, projections or estimations are accurate. Readers, shareholders and investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.
SOURCE: Jackpot Digital Inc.
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FAQ
What is the purpose of Jackpot Digital's private placement on March 12, 2021?
How much is Jackpot Digital planning to raise in their private placement?
What does each unit in the private placement consist of?
When is Jackpot Digital expected to close its private placement?
What are the potential uses of the funds raised by Jackpot Digital?
