32 Red raises over 5 million

One of the internets most reputed online casinos and poker rooms, 32 Red, owned by the Trafalgar Group, has just received a major financial boost after selling 4 million shares with new institutional investors.
The sale equaled about 8 percent of its stock.
Brokered by Numis Securities, the shares were each valued at 140 pence.
The sale raised over 5 million British Pounds which has been channeled marketing and future growth for the online casino and poker room.
Almost 4 million new ordinary shares are involved in the deal.
The move will both broaden the shareholder base of the company, as well as increase its liquidity.
The marketing program will swallow most of the funds raised by this action.
The company continues to scout for acquisition opportunities within the industry.

Chief Executive Officer, Ed Ware commented on the recent announcement saying it has been the company's intention since last September. They intended on broadening the shareholder base in an attempt to raise money for future growth of the company.
The company is obviously thrilled to have raised the funds. It will give them the mobility to pursue strategic acquisitions to complement 32 Red.

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