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Asia Entertainment & Resources Ltd Announces Closing Of Rights Offering

Monday, 1 Jul 2013 08:00am EDT 

Asia Entertainment & Resources Ltd announced the conclusion of its rights offering and standby purchase of shares not sold in the Rights Offering. AERL will issue a total of 19,510,550 ordinary shares and raised $63.5 million in gross proceeds from the Rights Offering and the standby purchase. This includes 9,767,550 shares issued to holders upon exercise of their subscription rights and 9,743,000 shares issued to the standby purchasers pursuant to the terms of a standby purchase agreement. AERL anticipates using the net proceeds of the Rights Offering, which is approximately $61.4 million following the deduction of offering expenses and costs related to the transaction, to repay outstanding indebtedness owed to certain of AERL`s shareholders. These shareholders are also standby purchasers. 

Company Quote

-0.07 -3.59%
22 Oct 2014