Well, there are a few reasons I can think of.
1.) They want to increase their capital for their next acquisition.
2.) The online "LIVE" gambling, is supposedly a FIRST for the industry and they want to have enough shares out there for investors to grab up, and create a buzz.
3.) They want to reduce the volatility of the stock, so if it does soar <over $1> they can start thinking about moving off the pinksheets. The company needs to meet certain capital and market share requirements, so it may be positioning itself for this.