Amax to raise HK$6.64m through placing

Amax International said it will raise about HK$6.64 million ($848,491) net through a share placement to third parties.

The junket operator said in a filing to the Hong Kong Stock Exchange that the fund raising exercise provides an opportunity for the company to raise capital and broaden its shareholder base.

Amax agreed to sell up to 20 million existing shares to not less than six third parties at HK$0.35 a share. The proceeds will be used for general working capital and investments, it said.

This is the third fund raising in 12 months for Amax, with proceeds going to pay salaries and costs, as well as finance the development of its online gaming operations in Vanuatu.

Earlier this week, the company announced it has entered into a Letter of Intent to obtain the operating rights to a VIP room in Cambodia. The company did not specify which casino in Cambodia that the VIP room is located, but noted that the VIP room operates 13 baccarat tables and is owned by a PRC citizen.

Amax said the move was made in order to diversify its income stream and expand its gaming business.

Under the agreement, Amax will be required to pay a fixed monthly fee for a period of two years for the exclusive rights to operate the VIP room.

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