July 12, 2010 / 10:15 PM / 9 years ago

Gaming company Amaya plans IPO, eyes growth

* Hopes to raise up to C$7.5 million

* Also in subordinated debt financing

TORONTO, July 12 (Reuters) - Amaya Gaming Group, a Montreal-based developer of technologies for online gambling, said late on Monday it hoped to raise as much as C$7.5 million ($7.2 million) in an initial public offering of units.

Amaya said the proceeds from the offering as well as a subordinated debt financing from Capital Regional et Cooperatif Desjardins of C$3 million — before financing fees — would go to fund growth.

The offering, to take place on or around July 21, comes as Canada’s market for IPOs sputters back to life.

The deal will see Amaya sell between 5,000 and 7,500 units at a price of C$1.00 apiece, with each unit consisting of one common share and one half of one common share purchase warrant.

Each whole warrant will allow holders to buy one common share at a price of C$1.50.

The offering is being made through a syndicate of agents led by Canaccord Genuity Corp. and including Desjardins Securities Inc.

The TSX Venture Exchange has conditionally approved the listing of Amaya’s common shares under the symbol “AYA”.

Current products offered by Amaya include Pokerstation, Pokermate and Mosino.

Amaya revenue rose about 20 percent in 2009 over the year ago to some C$5.9 million. Net profit, however, fell marginally to C$648,038, from C$673,919 in 2008 and a loss of C$1.97 million in 2007, according to documents filed to SEDAR, the Canadian document filing system for companies.

Amaya was founded in 2004 and has 28 employees. (Reporting by Pav Jordan; editing by Rob Wilson)

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