Gaming Innovation Group (GiG) Software has successfully completed a directed issue of eight million Swedish Depository Receipts (SDRs) to Hatcher Global Limited Partnership Fund.
A price of SEK6.41 (49p) per share has been set, which reflects GiG Software’s closing price on the Nasdaq First North on 5 June.
Once completed, the supplier will receive roughly €4.7m (£4m), before the deduction of transaction costs.
GiG Software’s board said the decision was made after it had reflected on the recent rise in trading volume and that it was preparing the company for its next phase of growth.
The board also confirmed the net proceeds will be used to strengthen GiG’s balance sheet, facilitate new business opportunities and other general purposes.
It added that a stronger balance sheet is needed to boost the firm’s credibility and convert opportunities to long-term partnerships.
The supplier noted the SDR issue would include lower transaction costs and diversify its shareholder base.
GiG Software’s shares have risen more than 6% in trading this morning, 9 June, up to SEK6.83.
Last week, CEO Richard Carter took his total shareholding in the business to 2.2 million shares, with the GiG Software boss having brought more than 1.6 million shares in the company this year alone.
Last month, GiG Software announced revenue had spiked 10% year-on-year to €9.1m, in what was its second full quarter as a standalone firm following the strategic split from Gentoo Media in October 2024.
The post GiG Software completes €4.7m share issue to Hong Kong partnership fund first appeared on EGR Intel.
Supplier says monies raised will be used facilitate new business opportunities and bolster its balance sheet
The post GiG Software completes €4.7m share issue to Hong Kong partnership fund first appeared on EGR Intel.