Dynasty Gaming makes C$ 5 Mn private placement to secure 87.5% of interests in China

The Canadian company Dynasty Gaming, Inc. has informed on 7 November that it proposes to undertake a non-brokered private placement of up to 10 million units at a price of C$0.50 per unit, for gross proceeds of C$5 million. Each unit will consist of one common share and one common share purchase warrant which will enable the holder to acquire one additional common share at a price of C$0.75 per share, for a period of two years.

The net proceeds of this proposed private placement will be used to secure an 87.5% ownership stake for Dynasty Gaming in Dynasty Limited, a company newly incorporated in the British Virgin Islands to own and manage Dynasty’s Mahjong marketing, operations and prepaid card activities in China. The remaining 12.5% interest in DNY (BVI) Ltd. will be owned by a company controlled by Angela Ho and Peter Kjaer, who intend that the initial capitalization of the BVI company will be US$2,500,000.

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