Business
GC-Global Capital Corp. Investee - Poydras Gaming Finance Corp. - Completes Reverse Take-Over, Acquisitions, and Concurrent Financings
Toronto, Ontario--(Newsfile Corp. - May 12, 2014) - GC-Global Capital Corp. (TSXV: GDE.A) (&...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\nGC-Global Capital Corp. Investee - Poydras Gaming Finance Corp. - Completes Reverse Take-Over, Acquisitions, and Concurrent FinancingsToronto, Ontario--(Newsfile Corp. - May 12, 2014) - GC-Global Capital Corp. \n(TSXV: GDE.A) (“Global Capital”) is pleased to announce that its \ninvestee company, Poydras Gaming Finance Corp. (“Poydras” or the \n“Company” – formerly known as Great Northern Gold Exploration \nCorporation) (TSXV symbol: PYD) has completed its reverse take-over \n(“RTO”) pursuant to a plan of arrangement with Poydras Specialty Finance \nCorp. (“PSFC”). Concurrent with the closing of the RTO, the Company also completed two concurrent acquisitions: (i) the \nacquisition of a 100% interest in Poydras Gaming, LLC (“PG LLC”), \nthe operating subsidiary of PSFC and (ii) the acquisition of Windy Hill Capital, LLC (“Windy Hill”), a company in the \nsame line of business as Poydras. \nAbout Poydras Gaming Finance Corp. \nPoydras is focused on leasing and financing gaming machines and \nrelated capital expenditures for existing casinos, new casino developments and \ngaming machine suppliers in the United States. Currently, Poydras Gaming owns or \nfinances gaming machines in Oklahoma and California. \nConcurrent Financings \nPoydras successfully completed a prospectus offering of 11% \nsecured convertible debentures (the “Convertible Debentures”) for aggregate gross \nproceeds of US$7,732,000 (the “Debenture Offering”). The Convertible \nDebentures bear an interest rate of 11% per annum, payable quarterly in arrears, \nand will mature on March 31, 2017. The outstanding principal under the \nConvertible Debentures will be convertible into common shares (“Shares”) \nof the Company at a conversion price of CDN$0.33 per Share. The \nCompany’s obligations under the Convertible Debentures are secured by a first ranking security \ninterest over all of the assets of the Company and its subsidiaries.\nThe Company also completed a prospectus offering of Shares for \ngross proceeds of CDN$3,345,000, The Company issued 13,380,000 Shares at a price \nof CDN$0.25 per Offered Share.\nFor additional information on the RTO as well as the business \nof the Company, see the Company’s S...