TransGaming Inc Announces Closing of Additional Subscription of Private Placement

TransGaming Inc announced the closing of the additional subscription tranche of $300,000 previously announced January 24, 2013. A total of 2,307,692 units were issued to the subscriber with each unit priced at $0.13 and comprised of one common share and one common share purchase warrant (Warrant). Each Warrant entitles the holder to purchase one common share at an exercise price of $0.20 at any time on or before the 24-month anniversary of the closing date. The net proceeds from private placement will be used for working capital and general corporate purposes and provides the Company with the financial resources that will lay the foundation for strategic agreements that the Company is working on. In connection with the private placements, a finder's fee of 6% of the aggregate gross proceeds arising therefrom were paid to a finder. In addition, the finder received 184,615 non-transferable warrants (the Compensation Warrants) equal to 8% of the total number of common shares issued in connection with the offering. Each Compensation Warrant is exercisable at a price of $0.30 for a period of 24 months to acquire one Common Share of the Company.