Gaming Realms PLC 10 year services agreement with Jackpotjoy group (4353Z)
December 15 2017 - 2:00AM
UK Regulatory
TIDMGMR
RNS Number : 4353Z
Gaming Realms PLC
15 December 2017
15 December 2017
Gaming Realms plc
("Gaming Realms", the "Company" or the "Group")
Gaming Realms signs a 10 year framework services agreement and a
5 year convertible loan agreement for GBP3.5m with Jackpotjoy
group.
Gaming Realms plc (AIM:GMR), the developer, publisher and
licensor of mobile real money and social games, is pleased to
announce that it has entered into a 10 year framework services
agreement with the Jackpotjoy group for the supply of various real
money services on favoured terms, which will include "Slingo
Originals" content. The Company has also entered into a separate
agreement for the provision of JackpotHappy.com, a white label site
on the Gaming Realms proprietary platform.
The Jackpotjoy group has also entered into a secured convertible
loan agreement with the Company (the "Convertible Loan") totaling
GBP3.5m. The Convertible Loan will be for 5 years and will carry
interest at 3 month LIBOR plus 5.5% and will be secured over the
Company's Slingo assets and business. At any time after the first
year, the Jackpotjoy group may elect to convert all or part of the
principal amount of the Convertible Loan into ordinary shares of
the Company, such shares to be issued at a discount of 20% to the
share price prevailing at the time of conversion. To the extent
that the price of conversion per Gaming Realms share would
otherwise be lower than 10p (the nominal value), then the shares
can be converted at nominal value and the difference paid in cash.
Under this arrangement, the maximum dilution to Gaming Realms
shareholders will be approximately 12%, assuming the Convertible
Loan is converted in full.
Gaming Realms has now paid RealNetworks Inc the outstanding sum
of $4.5m due as the final tranche of the Asset Purchase Agreement
signed on 10th August 2015 and extended on 19th July 2017.
Patrick Southon, CEO of Gaming Realms, said: "We are extremely
pleased that the Jackpotjoy group chose us as a long-term services
partner. Developing creative and innovative content is at the
forefront of what Gaming Realms does well, and through this
relationship we hope to not only acquire new Slingo players and add
to the existing user experience, but also to open up new
opportunities for further collaboration."
Enquiries:
Gaming Realms plc
Patrick Southon, CEO
Mark Segal, FD 0845 123 3773
Peel Hunt LLP, Nomad and
Broker
Dan Webster
George Sellar 020 7418 8900
Yellow Jersey
Charles Goodwin
Georgia Colkin
Abena Affum 07747 788 221
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Notes to Editors
Gaming Realms creates and publishes innovative real money and
social games for mobile, with operations in the UK, U.S. and
Canada. Through its market leading mobile platform and unique IP
and brands, Gaming Realms is bringing together media, entertainment
and gaming assets in new game formats. The Gaming Realms management
team includes accomplished entrepreneurs and experienced executives
from a wide range of leading gaming and media companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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