Spectre Gaming Completes Placement
Spectre Gaming, Inc. announced today that it has completed the private placement of convertible debentures with gross proceeds of $5,171,700. The private placement was subscribed to by institutional investors and high net worth individuals. The debentures are convertible into common stock of the Company at the price of $1.00 per common share. The debenture purchasers also received 5-year warrants to purchase an aggregate of 10,343,500 shares of common stock at a price of $1.10 per share. The Company also announced that it has begun placing its AWP machines at customer locations. To date, the Company has successfully installed 156 games at three locations. In addition, the Company has acquired or has in inventory, another 975 machines which it is currently converting to AWP for placement at customer locations. The Company currently has a backlog of customer orders exceeding 4,000 units. D. Bradly Olah, President of Spectre Gaming stated, "We are very pleased with the response we received during this offering. The proceeds from the offering give us the capital we believe we will need to continue with installations of AWP games in the Florida and Texas marketplace. To date we have placed 156 machines and expect to continue toward our goal of installing 2,000 units by year end. We believe that the initial response from our customers and their patrons at installed locations has been excellent and that we have proven the viability of our technology." The market for AWP is legal in some form in at least 45 states with an estimated 300,000 machines already in operation nationwide.