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Asia Entertainment & Resources Ltd.
AERLW), which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, today announced the results of its warrant redemption, which concluded on October 28, 2010. The ordinary share purchase warrants were originally issued by AERL, which was formerly known as CS China Acquisition Corp., in connection with CS China's initial public offering in August 2008.
Of the 14,648,000 warrants outstanding and available for exercise, 7,095,790 non-insider warrants were exercised at US$5.00, raising gross proceeds of approximately $35.5 million for AERL, while 3,944,210 non-insider warrants expired unexercised, and the holders of these warrants were paid US$0.01 per warrant upon their extinguishment. 3,608,000 were considered insider warrants, and 3,505,771 of these warrants were submitted for cashless exercise into 1,343,050 shares. Of these new shares, 1,296,976 shares (or approximately 97% of new shares) are restricted until October 28, 2011.
As of October 28, 2010, AERL has ordinary shares issued and outstanding of approximately 21.0 million. The Company intends to use the proceeds from the warrant redemption to continue the expansion of its VIP room gaming business. In addition, AERL is announcing preliminary guidance for 2011. Pending the completion of the acquisition of King's Gaming Promotion Limited, the VIP room gaming promoter that operates at the Venetian Macao-Resort-Hotel on the Cotai Strip, AERL is expecting 2011 Rolling Chip Turnover of US$1.15 billion per month and full year net income of US$55-60 million.
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