TORONTO, Nov. 7, 2014 /CNW/ - The Intertain Group Limited ("Intertain" or the "Company") (TSX: IT) is pleased to announce today that it is accelerating the expiry date of the 3,706,664 outstanding common share purchase warrants (the "Warrants") of the Company. Originally 3,915,750 Warrants were issued on July 10, 2014 and had an early accelerated expiry provision should the common shares of the Company (the "Common Shares"), as quoted on the Toronto Stock Exchange ("TSX"), trade at a 50% premium ($11.63) on a volume weighted average trading price basis to the $7.75 exercise price for 20 consecutive trading days. The Warrants will now expire on December 7, 2014 (the "Accelerated Expiry Date"). Each Warrant is exercisable to purchase one Common Share at a price of $7.75 per share. As of this date 209,086 of the Warrants (the "Exercised Warrants") have already been exercised.
Upon the Company providing notice to the registered warrantholders and the warrant agent of the acceleration of the expiry date, the Warrants will expire at the close of the 30th day after the date of such notice. Notice of the acceleration of the expiry of the Warrants will be delivered to the registered warrantholders and the warrant agent today.
Any unexercised Warrants outstanding after 5:00 p.m. (Toronto time) (the "Expiry Time") on the Accelerated Expiry Date will expire without any further notice or action.
If all of the Warrants are exercised prior to the Expiry Time on the Accelerated Expiry Date, the Company will receive proceeds of approximately $28.7 million or $30.3 million total proceeds, including the proceeds generated from the Exercised Warrants.
About The Intertain Group Limited
Intertain is an online gaming company that provides entertainment to a global consumer base. Intertain currently offers casino, bingo and poker games to its customers using the InterCasino, InterPoker, Costa and other brands. The InterCasino and InterPoker gaming platform is supplied by Amaya Gaming Group Inc. and its bingo offering operates off of the Dragonfish platform, a leading bingo software service provided by 888 Holdings plc.
This press release contains forward looking information within the meaning of Canadian securities laws concerning the business, operations and financial performance of Intertain. Forward-looking information includes but is not limited to statements with respect to the accelerated expiry of the Warrants, the notice of accelerated expiry to be given to registered warrantholders and the warrant agent, and the expected proceeds to the Company from the exercise of outstanding Warrants. This forward looking information is based on certain assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking information is subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Company currently expects. These risks, uncertainties and other factors include, but are not limited to: credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates, limited operating history, the fact that on-line gaming is a heavily regulated industry and that such regulation is subject to change, competition from other providers of online gaming services, the risks associated with international and foreign operations and the risks discussed under the heading "Risk Factors" in Intertain's annual information form for the year ended October 31, 2013. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
The foregoing factors are not intended to represent a complete list of the factors that could affect the Company. The Company does not intend or undertake to publically update any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
SOURCE: The Intertain Group Limited
For further information: Rob Chalmers, The Intertain Group Limited, Tel: 647-402-7552, [email protected]