Hot News von Abador: ( Auszug des heutigen announcements )
..., the company is pleased to announce that it has entered into
an agreement to acquire a 100% interest in Casinos Australasia, a
company operating an Internet Casino.
The Company has signed a Heads of Agreement with the shareholders of
Casinos Australasia that operate an Internet Casino based in Vanuatu.
The Internet Casino was granted a license for a ten year period in
December 1997, renewable for a further ten years.
Casinos Australasia`s major assets, apart from the license, are its
highly experienced casino management team which collectively has over
80 years of hands on casino experience, its internet casino software
developed in conjunction with American International Entertainment
of the USA, and the banking/credit card interface developed in
conjunction with Barclays Bank in the United Kingdom. The chief
executive of Casinos Australasia is Mr Gordon McIntosh, who it is
proposed will become Managing Director of the Company on completion
of the current transaction.
Initially, Casinos Australasia is targeting customers in South East
Asia where exclusive marketing contracts have been signed with two
groups in Hong Kong and Indonesia. Casino Australasia`s management
team has forged very strong business and personal relationships in
the region over a period of many years and is confident of working
with these agents to develop a viable business within a short period
of time. Once operations in South East Asia are operating profitably
expansion into other key markets in Europe is planned. In addition to
the online casino, the group also has a license from the Vanuatu
government which allows it to undertake sports betting in Asia.
PROJECT FUNDING AND ONGOING OPERATIONS
The Company proposes to raise $7,680,000 pursuant to the making of
two placements, both of which will be subject to shareholders
The first placement will raise $1,280,000 via the issue of 32
million shares at an issue price of 4 cents.
The proceeds of the first issue, together with the Company`s existing
cash resources of approximately $500,000 are proposed to fund due
diligence, provide loan funds to assist Casinos Australasia, satisfy
overseas creditors, to provide interim working capital to Casinos
Australasia, and for the Company`s working capital purposes.
The second issue will raise $6,400,000 via the issue of 32
million shares at an issue price of 20 cents with an attached option
exercisable at 40 cents.
The proceeds of the second issue are proposed to be expended as
* Fund ongoing development of Casino Australasia Internet site and
associated marketing initiatives ($3,000,000).
* Bank security deposits related to the above activity ($2,000,000).
* Fund ongoing exploration activity on the Company`s current
portfolio of mineral assets ($200,000).
* Pursue further investment opportunities ($200,000).
* Provide working capital ($1,000,000).
The Company has requested that the ASX suspend its securities from
quotation as of January 4th 2000 until the Company meets the criteria
The Company will commence its due diligence investigations
immediately, and proposes to issue a Notice Of Meeting seeking
shareholder approval of the first placement later this week. Upon
satisfactory completion of the due diligence investigations,
shareholder approval will be sought to complete the transaction and
the second capital raising. A prospectus will be issued for this
second capital rising.