London-listed gaming software supplier GAN has raised £1.3m through a placing of its share with Dermot Desmond’s IIU Nominees Limited.
GAN has issued 3.25m new ordinary shares at an issue price of 40p to Desmond’s investment company IIU, which it described as a long-standing existing shareholder.
The company plans to use the net proceeds to “accelerate existing clients’ product development and new client delivery” for its real-money and Simulated Gaming offerings following the “overwhelmingly positive surge in US corporate demand experienced year-to-date.”
The company welcomed Dermot Desmond’s re-engagement with GAN’s US investment case.
"Additional capital allows us to accelerate the development of our technical capability to deliver the product requirements of our growing list of corporate clients and bring new clients online,” said Dermot Smurfit, CEO of GAN. “The positive and unexpected surge in US corporate demand for GAN’s unique services requires increased delivery capability.
“We’re happy to respond to this real business need on behalf of all shareholders and welcome Mr Desmond’s investment. Mr Desmond is an astute investor with a long track record participating in the internet gambling market and we believe this investment validates our strategy and technology which will deliver significant incremental value for shareholders over time.”