ANGUILLA, BWI / ACCESSWIRE / November 21, 2018 / Shoal Games Ltd. (SGW.V) (SGLDF) ("the Company"), mobile software developer, owner, and publisher of Rooplay, the EdTech games platform (www.rooplay.com) and the Rooplay Originals games featuring Garfield, Moomin, Mr. Men & Little Miss, Pororo, Peter Rabbit and Mr. Bean, announces that it has completed its Annual General Meeting (AGM) in Anguilla B.W.I.
At the meeting, the Shoal Games shareholders elected the Board of Directors: Tarrnie Williams Sr., Executive Chairman; Jason Williams, CEO, Fiona Curtis, and Claes Kalborg; reappointed the Auditors and re-affirmed the Company's stock option plan.
Additionally, the Company announces that the Rooplay OTT platform continues to expand rapidly with the recent launch of a web-enabled version accessible on www.rooplay.com from any desktop or mobile browser on any web enabled device. This launch takes Rooplay one step closer to being a full OTT cloud games platform. The platform will shortly include Apple iOS and Smart TV support which are in advanced stages of development. With growing popularity and reach, Rooplay has more than 40 exclusive games, over 300 games in total, and more than 600,000 installs on Android. The Shoal Games team is advancing the Rooplay game development capacity by distributing its proprietary Shoal.JS framework to partner studios and by working closely with leading KidTech distribution partners who reach millions of potential Rooplay users each and every month.
Finally, the Company announces that it intends to complete a private placement financing for gross proceeds of up to US$8,000,000 (the "Financing"), which will consist of common shares of the Company priced at US$0.40 per share (the "Shares") in compliance with TSX Venture Exchange (the "Exchange") pricing regulations. The Shares will not be registered under the United States Securities Act of 1933, as amended, and will not be offered or sold in the United States or to U.S. persons.
Proceeds from the Financing are expected to be used to forward the Company's business expansion and operational objectives, to increase the Company's distribution reach and improve the cost-effectiveness of its partnership distribution strategy, to expand the Company's "Rooplay" EdTech Platform and for general working capital.
Completion of the Financing is subject to Exchange acceptance and all Shares issued pursuant to the Financing will be subject to a hold period of four months as required under applicable securities legislation.
For full details of the Company's operations and financial results, please refer to Shoal Games Ltd's. corporate website at http://investor.shoalgames.com or Shoal Games' continuous disclosure record on SEDAR.