By a News Reporter-Staff News Editor at China Weekly News -- Entertainment Gaming Asia Inc. (NASDAQ: EGT) ("Entertainment Gaming Asia" or "the Company"), a gaming company focused on emerging gaming markets in Pan-Asia, announced that it proposes to conduct an offering of subscription rights to purchase shares of its common stock at a price of $0.54 per share.
On August 13, 2014, the Company filed with the U.S. Securities and Exchange Commission ("SEC") a Registration Statement on Form S-1 with respect to the offering. The rights offering will be made to the holders of record of the Company's common stock as of a date to be determined, but which is expected to be shortly before the date the Registration Statement is declared effective by the SEC. Each shareholder as of the record date will receive 0.92278 non-transferable subscription rights for each share of common stock held by the shareholder as of the record date. Each subscription right will allow its holder to purchase one share of common stock of the Company, at a price of $0.54 per share, over the 30-day period following the date of distribution. The Company intends to apply the proceeds from the rights offering towards the development of future casino and gaming club projects, expanding its slot participation operations and general working capital for its gaming products division.
The rights offering is subject to the effectiveness of the Registration Statement filed with the SEC.
Keywords for this news article include: China, Entertainment Gaming Asia Inc.
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