betinternet.com PLC
26 February 2007
betinternet.com plc
For Release 7:00 am, Monday 26 February 2007
Issue of Convertible Loan Note
The Board of betinternet.com plc, ('betinternet' or 'the Company') the global
on-line gaming group, confirms that on 23 February 2007, the Company entered
into a convertible loan note with its major shareholder, Burnbrae Limited
('Burnbrae'), raising a total of £300,000 for the Company before costs.
Under the terms of the loan note Burnbrae is entitled to convert that aggregate
amount at the rate of one Ordinary Share for every 7.5p of such amount
converted. Conversion of the loan note would result in the issue of 4,000,000
new Ordinary Shares which would increase the holding of Burnbrae and its
connected parties from 50.05 per cent. to 51.04 per cent. of the issued ordinary
share capital of the Company.
The Board believes that raising this additional finance will enable the Company
to fund short term working capital requirements and continue the enhancements to
it sportsbook portal and pari-mutual website.
For further information:
Betinterenet.com plc
Garry Knowles, Managing Director Tele: 01624 698141
Joanne Lake
Evolution Securities Limited Tele: 0113 243 1619
END
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