Entertainment Gaming Asia completes rights offering, raising $15m

Entertainment Gaming Asia said it has successfully completed its share sale, raising gross proceeds of about $15 million.
The company sold 27,777,673 shares of its common stock, representing 100% of the shares offered in the rights offering, at the $0.54 per share offer price.
EGT Entertainment Holding Limited, a wholly-owned subsidiary of Melco International Development subscribed for 27,777,673 shares by exercising its basic and oversubscription privileges. As a result, Melco, through its subsidiary, was issued 26,062,294 shares, or 93.8 percent of the offering, and is now the majority owner of the company with approximately 64.8 percent of its outstanding common stock.
"We are pleased to announce the completion of a successful rights offering and thank all those participating stockholders, particularly Melco whose support has been instrumental in this process. This offer is an important step in our plan to improve our capital resources and liquidity as we seek to secure meaningful new gaming projects in our target markets,” said chairman and CEO Clarence Chung.