2 June, 2017

Gaming Innovation Group has over the past two years grown rapidly both organically and through acquisitions. The latter has mainly been settled through issuing new shares with lock-up restrictions.

Consent to an exemption from lock-up restrictions

To support the Company’s target of broadening the institutional shareholder base, and increase the free float and stimulate liquidity in the Company’s shares, GIG’s board of directors decided to consent to an exemption from the applicable lock-up restrictions to facilitate for a structured sale of shares.

The sale of shares, which was completed after close of markets yesterday through an accelerated book building process managed by Carnegie AS, comprised a total of 70,000,000 shares in GIG and was priced at NOK 5.40, representing 8.55% of the outstanding shares in the Company.

Strong demand from Norwegian, Nordic and international investors

The transaction was upsized from the initial 50,000,000 shares due to strong demand from Norwegian, Nordic and international high quality investors. The majority of the shares have been allocated to Swedish and Finnish institutions with considerable sector experience.

Optimizer Invest Ltd., a company represented on the board of directors of GIG by Andre Lavold and Henrik Persson Ekdahl, sold 27,800,000 shares in the transaction, and now holds 103,373,297 shares (12.6%). Optimizer Invest has extended their lock-up with the Company on the remaining shares from 15 March 2018 to 31 March 2019.

Super Innovative Ltd., a company controlled by CEO Robin Reed, sold 7,900,000 shares in the transaction. As a result, Robin Reed and close associates now holds 50,514,881 shares (6.2%). In addition, Robin Reed will receive 13,949,391 earn-out shares in June 2017. Robin Reed has extended his lock-up with Company on the remaining shares from 17 June 2017 to 31 March 2019.

Ben Clemes (MD iGaming Cloud) sold 4,800,000 shares in the transaction. As a result, Ben Clemes now holds 14,432,998 shares (1.8%). In addition, Ben Clemes will receive 4,388,470 earn-out shares in June 2017. Ben Clemes has extended his lock-up with Company on the remaining shares from 17 June 2017 to 31 March 2019.

Chairman of the board Helge Nielsen sold 600,000 shares in the transaction.  As a result, Helge Nielsen now holds 247,362 shares (0.03%). In addition Mr. Nielsen owns 8.3% of Bryggen Holding AS, which owns 104,446,123 shares, representing 12.8% of the current outstanding shares in the Company. Bryggen Holding AS will receive 13,732,271 earn-out shares in June 2017.

Six other shareholders that are not primary insiders have sold 28,900,000 shares in the transaction.

In addition to the above mentioned lock-up agreements and any existing lock-ups with the Company, the selling shareholders have all entered into a customary six months lock-up agreement with Carnegie for the remainder of their shares in the Company.

The percentages have been calculated based on 818,556,266 issued shares in GIG. In June 2017, GIG will issue 77,100,000 earn-out shares.

For further information, contact:
Robin Reed, CEO, +356 9999 0382,
([email protected])

About GIG: Gaming Innovation Group Inc. is an emerging gambling solutions and interactive entertainment provider. The Group offers cutting-edge Cloud based Services and B2B Performance Marketing, and owns B2C gambling operators offering games from the best-of-breed suppliers across the online sports betting and casino industry. Gaming Innovation Group operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol "GIG".

For more information about the Company and our services:

The B2B services, including GIG Core (online gaming platform), and GIG Sports (proprietary sportsbook), are licensed and regulated by the Malta Gaming Authority (licence number: MGA/CRP/330/2016 issued on the 1st August 2018) and the UK Gambling Commission (44073).

The licences are held by iGamingCloud Limited (Company Reg. No. C48466 of @GIG Beach, Triq id-Dragunara, St. Julians, STJ3148, Malta.)

©2019-2021 Gaming Innovation Group. All rights reserved | Company Registration Number: C44319