VANCOUVER, BC / ACCESSWIRE / March 12, 2021 / Jackpot Digital Inc. (the "Company" or "Jackpot") (TSXV:JJ)(TSXV:JJ.WT.A)(TSXV:JJ.WT.B)(TSXV:JJ.WT.C)(OTCQB:JPOTF)(Frankfurt:LVH3)(Berlin:LVH3). Pursuant to a Price Reservation Form which the Company filed with the TSX Venture Exchange (the "Exchange") on March 8, 2021, the Company announces that it intends to conduct a non-brokered private placement to raise up to $1,800,000 (the "Financing") through the issuance of up to 10,000,000 units at a price of $0.18 per unit. Each unit shall consist of one common share and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder to acquire one common share at a price of $0.25 per common share for a period of 60 months after the closing.
The private placement is expected to close on or about March 19, 2021, subject to the satisfaction of customary closing conditions, including receipt of conditional approval by the Exchange for the private placement.
The funds will be utilized towards production of the Company's Jackpot Blitz™ electronic tables ("ETGs"), and towards regulatory licensing fees and expenses for new jurisdictions, software development and for general working capital.
President & CEO Mr. Jake Kalpakian, states "Our recent financing which we closed was well oversubscribed. Given the current uncertainty as to when the cruise ship industry will resume its operations, and as to when land-based casinos will re-open for normal operations, this extra funding will give us the flexibility to deploy resources much quicker towards higher capital expenditures such as applying for a Nevada license, as well as accelerating our plans to enter the Asian market."
The securities that may be issued in connection with this Financing shall include a hold period in accordance with applicable securities laws. There may be finder's fee payable in respect to this Financing in accordance with the policies of the Exchange.
About Jackpot Digital Inc.
Jackpot Digital Inc. is a leading electronic table games manufacturer and mobile gaming provider for the cruise ship industry and regulated casino industry. The Company specializes in multiplayer gaming products, including poker and casino games, which are complemented by a robust suite of backend tools for operators to efficiently control and optimize their gaming business.
For more information on the Company, please contact Jake H. Kalpakian, President and CEO, at (604) 681-0204 ext 6105, or visit the Company's website at www.jackpotdigital.com.
On behalf of the Board of
Jackpot Digital Inc.
"Jake H. Kalpakian"
Jake H. Kalpakian
President & CEO
Trading in the securities of the Company should be considered speculative.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding future plans, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "objective", "believe", "expect", "propose", "anticipate", "intend", "plan", "estimate", and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, projections or estimations are accurate. Readers, shareholders and investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.
SOURCE: Jackpot Digital Inc.