Gold Online Game

Online gaming firm OKs investment deal

by admin on Sep.23, 2009, under Cabal Online News

MANILA – The online gaming unit of listed technology firm IPVG Corp. has secured an investment deal with GEM Global Yield Fund Ltd.

In a disclosure to the Philippine Stock Exchange on Tuesday, IPVG said IP E-Game Ventures Inc. granted GEM Global the right to purchase its shares for up to P500 million ($10 million). IP E-Game will use the funds for its future business activities and engagements, IPVG said.

The deal likewise provides that IP E-Games will issue GEM Global warrants to subscribe to up to P50 million worth of the online gaming firm’s shares.

The GEM Group (Global Emerging Markets) is a $2.7 billion alternative investment firm, with offices in London, New York, Paris, and Hong Kong. It is composed of GEM Global and GEM Investment Advisors Inc.

IP E-Games, on the other hand, is one of the leading online games publisher in the country, holding top titles such as RAN Online, Cabal Online, Audition Dance Battle, and Granado Espada, among many others.

The company’s casual games are published under X-Play Online Games Inc., a joint venture company between IP E-Games and GMA New Media Inc., the digital arm of GMA Network Inc.

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