Nektan raises further GBP 2.75 million

Mobile gaming content developer Nektan plc has raised an additional GBP 2.75 million through the issue of GBP 2.39 million of Convertible Loan Notes and a placing of 232,258 new Ordinary Shares of GBP 0.01 each.

The company said it anticipates a further follow-on fundraising “in order to satisfy potential additional demand from new institutional and private investors”.

Nektan said it will use the net proceeds from the Fundraising to support the Company’s overall growth strategy and maintain strong momentum in its key markets by underpinning expansion in the US tribal and commercial casino market through its US joint venture, Respin.

Funds will also be used to support the working capital requirements of the Group.

“Respin, our US joint venture, is continuing to build on its strong momentum as it accelerates the addition of new contracts with casino partners for Xtraspin wheels,” Gary Shaw, executive chairman of Nektan, said in a statement.