Oasis Resorts International Inc., an international gaming company, said Thursday that it has signed an agreement with an Asian investment company to swap $15 million worth of its stock for $4 million in cash and 1.1 million shares of Virtual Gaming Technology Inc.
The Brinton Group Inc., an investment and asset management company, said that it was acquiring the shares of Oasis for investment and diversification purposes. Brinton acquired the Virtual Gaming shares earlier this year for its own account and for the accounts of its clients, in its initial entry into U.S. gaming stocks.
Jon Lawver, a director of Oasis, said his company plans to use the $4-million equity investment to develop its Internet gaming activities through Virtual Gaming and to satisfy obligations related to its properties.
Lawver also said that Oasis expects to close on the purchase of the Virtual Gaming interest together with partial funding on the $4-million equity investment within the next few weeks.
Oasis stock rose 20 cents a share to close Thursday at 75 cents in over-the-counter trading.