London-listed Gaming Realms has conditionally raised £1.1m through a subscription of new ordinary shares.

The operator intends to use proceeds from the subscription to fund game development, creating new content for use on its proprietary gaming platform and for licensing via its remote game server.

It has sold 10,295,455 new ordinary shares, priced at 10 pence each and sold at a price of 11 pence per subscription share, raising a total of £1,132,500 before expenses.

As part of the proposed subscription chairman Michael Buckley, CEO Patrick Southon and commercial director Simon Collins have agreed to purchase 1,863,636 shares.

An application to have the subscription shares admitted for trading is to be made to London's Alternative Investment Market. Admission is expected to become effective on or around August 14th.

Upon admission of the new shares, Gaming Realms with have 284,428,747 ordinary shares in issue.

Shares in Gaming Realms plc (Co.Data) (AIM:GMR) were trading up 2.32 per cent at 11.00p per share in London earlier Wednesday, having dropped by 2.23 per cent following the announcement Tuesday.

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