32 Red Online Casino & Poker Room Raises ?5.3 Million

32 Red which is one of the most respected by players online casinos and poker rooms on the Internet, and which is owned by the Trafalgar group, has recently received a considerable infusion of money following the placement of approximately 4 million ordinary shares with new institutional investors, which represents eight 8 percent of its stock.

The new 32Red shares were valued at 140 pence each, in a deal brokered by Numis Securities. The reason for the deal was to raise GBP 5.3 million. The money has been set aside for the future expansion of the online casino and poker room, through marketing.

The issue of 3,766,500 new ordinary shares was involved in this placement. This is equivalent to about eight percent of the company's present ordinary share capital. It will increase liquidity and widen 32 Red Online Casino's shareholder base. The earnings are to be used for the development of the marketing program, and the company is continuing to look at opportunities for acquisitions within the online gaming industry.

Ed Ware, 32Red.com's Chief Executive Officer, when commenting on the announcement, said that it has been the company’s intention, since its last September admission to AIM, to broaden the shareholder base and to raise capital to for investment in 32Red's projected growth.

He said that the company is delighted to be able to raise these funds, saying that they will enable them to step up their focused marketing program and to enhance 32Red's brand recognition and profile. The added capital will give the company increased resources according to Ware, that can be used to pursue strategic acquisitions that the company believes would complement the existing offerings of 32Red.

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