Shoal Games Ltd. Announces CAD$2 Million Private Placement and Follow Up Rights Offering

ANGUILLA, B.W.I., February 29, 2016 / Shoal Games Ltd. (TSX-V: SGW) (OTCQB: SGLDF) http://www.shoalgames.com (“the Company”), owner of Trophy Bingo, an innovative, non-gambling, social bingo game, http://www.trophybingo.com, today announced that it will be proceeding with a CAD$2.0 million private placement of 3,333,333 common shares at CAD$0.60 per share (the “Share Offering”). The Share Offering will be conducted in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario with subscribers qualified under the Offering Memorandum exemption available in section 2.9 of National Instrument 45-106.

Proceeds raised will be used to increase marketing and expansion of the Company’s mobile game, Trophy Bingo, which is currently live in the Apple, Google, and Amazon App Stores. Trophy Bingo’s KPIs (key performance indicators) are trending toward profitability and, as a result, Shoal Games management believes the business is now at the stage where investing in increased marketing spends will result in generating the applicable investment multipliers as the KPIs continue to improve.

Continue reading

Shoal Games Ltd. Announces Fourth Quarter Results

ANGUILLA, B.W.I., January 28, 2016 / Shoal Games Ltd. (TSXV:SGW) (OTCQB:SGLDF) http://www.shoalgames.com (“the Company”), owner of Trophy Bingo, an innovative, non-gambling, social bingo game, http://www.trophybingo.com, today announced its unaudited financial results for the fourth quarter ended December 31, 2015. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Shoal Games Ltd. highlights include:

• Revenue of $85,446, an increase of 768% from revenue of $11,130, in the third quarter of 2015
• Cash of $570,086 and positive working capital of $454,341 as at December 31, 2015.
• Q4 average Trophy Bingo rating of 4.47 stars (max 5 stars) in Google Play Store
• Launch of Trophy Bingo in Amazon App Store

“The fourth quarter of 2015 saw the Company engaged in marketing, software development, and performance tuning of Trophy Bingo in a live environment,” commented Jason Williams, Shoal Games CEO. Our objective since launch has been to generate significant downloads so that we could assess the game’s earning potential and popularity with bingo players. We successfully generated 157,354 downloads, secured average ratings of 4.47 in Google Play, and booked $85,446 in revenue for the quarter. All three metrics were ahead of our projections and we remain confident in Trophy Bingo’s capacity to become a Top Grossing game. Our tuning efforts were particularly effective as we saw average Day 1 retention for the quarter climb to 38%, from 34% in the third quarter, and ARPDAU (Average Revenue Per Daily Active User) double from $0.046 in the third quarter to $0.092 in Q4.

Continue reading