Amaya Gaming Group, a Montreal-based developer of technologies for online gambling, said on Wednesday it raised C$5 million ($4.81 million) in an initial public offering it made to finance growth.
Amaya, whose products include server and network-based gambling and electronic table games, said it sold 5 million units at C$1 each.
Each unit consists of one common share of Amaya and one half common share purchase warrant. Each share purchase warrant entitles the holder to purchase one common share at a price of C$1.50 for up to 12 months after the closing of the offering.
The offering was completed through a syndicate of agents led by Canaccord Genuity Corp and which included Desjardins Securities Inc.
Amaya plans to use the proceeds as well as C$3 million of subordinated debt financing from Capital Regional et Cooperatif Desjardins to fund growth.
The company, whose products include Pokerstation, Pokermate and Mosino automated poker applications, had hoped to raise as much as C$7.5 million, according to a filing on SEDAR, the Canadian document filing system for companies.
Shares of Amaya opened trading on the TSX Venture Exchange on Wednesday. The shares were unchanged at C$1.15 each.
Amaya revenue rose about 20 percent in 2009 over the year earlier to C$5.9 million. Net profit, however, fell marginally to C$648,038 from C$673,919 in 2008. In 2007 it posted a loss of C$1.97 million, according to documents filed to SEDAR.
Amaya was founded in 2004 and has 28 employees.
(Reporting by Pav Jordan; editing by Peter Galloway)