Betmakers Technology Group Ltd Stock Market Press Releases and Company Profile
Raises $3M to Fast Track the Launch of The Global Tote
Raises $3M to Fast Track the Launch of The Global Tote

Sydney, Nov 23, 2016 AEST (ABN Newswire) - The Board of TopBetta Holdings Limited (googlechartASX:TBH) ("TopBetta" or "the Company") is pleased to announce that it has received firm commitments to raise $3 million (before costs) at 20 cents per share from sophisticated and institutional investors ("Placement").

Highlights

- Received firm commitments to raise $3 million through a placement at 20 cents per share

- Capital raised will be used to better position TopBetta to fast track the launch of The Global Tote

- Offer oversubscribed at 11% premium to the last trade

The Placement is expected to be completed within 5 Business Days and will be issued without a disclosure document under the Company's placement capacity under ASX Listing Rules 7.1 and 7.1A.

The Placement strengthens the Company's balance sheet and will better position TopBetta to fast track the imminent launch of The Global Tote.

TopBetta CEO, Todd Buckingham, commented, "This round of funding will assist in the execution strategy for the launch of The Global Tote. We are in deep discussions with operators both nationally and internationally and now we are even better positioned to progress these discussions.

Any deal with a major operator has an upfront cost associated with setting up systems and this funding allows the Company to scale quickly as and when these deals materialise.

We have a very strong support network from our existing shareholders and I am pleased we were able to close this funding through their continued strong support."

Canaccord Genuity (Australia) Limited ("Canaccord") acted as sole lead manager and bookrunner for the Placement.

In consideration for the services provided by Canaccord to the Company in respect of the Placement, the Company has also agreed to issue to Canaccord 1 million options exercisable at 30c within 3 years from the date of issue, which will vest on the earlier of:

(a) 12 months after completion of the Placement; or

(b) the Company's volume weighted share price trading above $0.50 for a period of at least one month.

These options will be issued pursuant to the Company's placement capacity under ASX Listing Rule 7.1.

The Company looks forward to updating the market on progress with The Global Tote product.


About Betmakers Technology Group Ltd

Betmakers Technology Group LtdBetmakers Technology Group Ltd (ASX:BET)  (OTCMKTS:TPBTF) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.

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Contact

Charly Duffy
Company Secretary
E: companysecretary@thebetmakers.com
M: + 61-409-083-780

Jane Morgan
Investor and Media Relations
E: investors@thebetmakers.com
M: +61-405-555-618



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