Gaming systems supplier Octavian International Ltd. has merged itself into publicly traded shell company HouseFly, Inc. and changed its corporate name to Octavian Global Technologies, Inc.
Along with the merger, HouseFly completed a private placement of shares with institutional investors and high-net-worth individuals, raising $13 million.
Octavian’s stockholders received 30,773,387 shares of HouseFly common stock (about 78.6 percent of the post-financing issued and outstanding shares of HouseFly) in exchange for 100 percent of Octavian shares.
Harmen Brenninkmeijer, CEO of Octavian and HouseFly, stated, “This transaction allows us to forge ahead with many exciting opportunities that we have been planning and developing for some time.”
He added, “Our strategy has always been to seek out and nurture opportunities in growth markets across the gaming world. Now, with strong backers, we can capitalize on those opportunities and take Octavian to the next level.”
“This capital infusion is a significant amount of money for a company of Octavian’s size,” added Peter Brenninkmeijer, Octavian’s chief financial officer. “That we have raised such a sum to help fund our exciting growth opportunities, particularly in current financial market conditions, is testament to the faith investors have in the Octavian business model.”