Amaya raises $5million in I.P.O.

Amaya raises less than hoped for.

Amaya Gaming Group, a Montreal-based developer of technologies for online gambling, revealed this week that it had raised Cdn$5 million in an initial public offering launched to finance growth.

Amaya, whose products include server and network-based gambling and electronic table games, said it sold 5 million units at Cdn$1 each.

Each unit consists of one common share of Amaya and one half common share purchase warrant. Each share purchase warrant entitles the holder to purchase one common share at a price of Cdn$1.50 for up to 12 months after the closing of the offering.

The offering was completed through a syndicate of agents led by Canaccord Genuity Corp and included Desjardins Securities Inc.

Amaya plans to use the proceeds as well as Cdn$3 million of subordinated debt financing from Capital Regional et Cooperatif Desjardins to fund future growth.

The company, whose products include Pokerstation, Pokermate and Mosino automated poker applications, had hoped to raise as much as Cdn$7.5 million, according to a filing on SEDAR.

Shares of Amaya opened trading under AYA.V on the TSX Venture Exchange Wednesday. The shares were unchanged at Cdn$1.15 each.

The Reuters news agency reports that Amaya revenue rose about 20 percent in 2009 over the year earlier to Cdn$5.9 million. Net profit, however, fell marginally to Cdn$648,038 from Cdn$673,919 in 2008. In 2007 it posted a loss of Cdn$1.97 million, according to documents filed to SEDAR.

Amaya was founded in 2004 and has 28 employees.

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