BETS, NEWS: HUNTINGTON, NY -- (Marketwired) -- 07/20/16 -- SeanieMac International, Ltd. (OTC PINK: BET)
As part of the 2016 strategy to move to better financing terms, SeanieMac International announced that after a several week screening process that began on April 7th they had accepted a term sheet for a $7.5 million in revolving credit.
500k of this facility will be made available and drawn down right away and the balance is based on a ratio of the Company's revenues. The term sheet proposed provides that secured line is repaid with 20% of the Company's monthly revenues until retired. Closing on the facility is subject to final due diligence, legal documentation, and normal closing conditions.
SeanieMac President Shane O'Driscoll stated, "We are hoping to close the transaction by mid August to coincide with the targeted launch date of our new platform.
"The size of the line is in place to support further acquisitions if needed. We will continue to seek to improve our cost of capital as the Company continues to hit milestones. The ability to replace 100% equity lines with debt that can be repaid through revenues reflects the next step in the company's evolution."
HUNTINGTON, NY -- (Marketwired) -- 07/06/16 -- SeanieMac International Ltd. (OTC PINK: BETS) announced today, that after an impressive May with booked revenue in excess of $1.2 million, SeanieMac continues to see record results in its sportsbook and casino revenues (turnover) for the month ended June 30, 2016.
Total Revenue for June 2016 was $5,045,000, an increase of over 300% from the prior month. Preliminary 2nd Quarter revenues were $7,370,000 versus $2,656,000 for the 1st Quarter 2016. This reflects an increase of over 270% in Quarter over Quarter revenues.
Gross profit for June 2016 was approximately $200,000.
SeanieMac CEO Shane O'Driscoll stated, "We continue to make outstanding progress with our sportsbook and casino properties. We are driving the business forward and look forward to our upcoming launch."
