Gaming Realms, announced on Tuesday that it has conditionally raised £1.13m before expenses from a number of investors, through a conditional subscription of 10,295,455 new ordinary shares of 10p each in the capital of the company at a price of 11p per subscription share.

The AIM-traded firm said the subscription shares represented approximately 3.8% of the existing issued share capital of the company.

The proceeds of the subscription will be used to increase unique game creation to enhance the game library for both our real money gaming platform and licensing the content on our remote game server,” the Gaming Realms board said in its statement.

Following admission, Gaming Realms’ total shares in issue will be 284,428,747 ordinary shares, with none held in treasury.

Executive Chairman Michael Buckley subscribed for 1.0 million shares, taking his total holding to 23.0 million shares, or an 8.1% stake.

Chief Executive Patrick Southon subscribed for 681,818 shares, taking his total holding to 12.4 million shares, or a 4.4% stake.

Executive Director Simon Collins subscribed for 181,818 shares, increasing his shareholding to 10.8 million shares, representing a 3.8% stake.