LRWC Board Approves Private Placement for Fund Raising
March 9, 2022
The holding company of the nation’s biggest bingo parlor, Leisure & Resorts World Corporation (LRWC), is looking forward to raising around Php2.1 billion to support the company’s growth and expansion plans.
On March 7, 2022, LRWC’s Board of Directors approved a private placement on the Company’s unissued capital stock of One Billion Two Hundred Seventy-Two Million Three Hundred Fifty-Two Thousand Five Hundred Twelve (1,272,352,512) common shares at an issue price of Php1.65 per share, which shall raise a total of Php2,099,381,645.
The funds raised will be used for developing the Company’s online platform aiming to provide its clients new and better gaming experience. Furthermore, part of the funds will also be used to finance the operational and capital expenditures of the company, and to lower down the Company’s overall debts by paying off some of the loans.
As one of the leading icons of the industry, LRWC is aggressive in innovations and improvement of its products and services. One of the most recent notable achievements would be BingoPlus. It is the first platform in the country which offers online traditional Bingo. The online platform, bingoplus.com, was launched in January 2022 and had quickly become a community favorite. Additionally, it awarded 8 millionaire Jackpot winners in just a month.
It is worth noting that the private placement signifies that LRWC has strong growth potential, and continuous trust and support from our investors. The company’s Chairman, Mr. Eusebio Tanco, holds a positive outlook on the new developments and actively participated in the private placement as well.
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The forward-looking statements in this press release are based on the beliefs of the management as well as assumptions made by and information currently available to the management. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, the rate and pace of economic recovery following economic downturns, levels of spending in business and leisure segments as well as consumer confidence. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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