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Applied Gaming Solutions of Canada Inc. - Trinity Completes Due Diligence Phase on AGC18 August 2000CALGARY, Alberta--(Press Release)--Aug. 18, 2000--Applied Gaming Solutions of Canada Inc. (CDNX:AGC) has been informed by Trinity Capital Corporation of Toronto, that it has satisfactorily completed the due diligence phase of the major financing for the expansion of the on-line lottery program into the Ho Chi Minh City region. In a letter to the Corporation, Trinity Capital has informed AGC that, ``We have been working diligently with our investors over the past several months. We have completed our due diligence and expect that the remaining conditions in the term sheet will be met shortly. Our expectations are that as soon as AGC is able to obtain shareholder approval for this transaction, we will be in a position to close 30 days thereafter.'' Some of the previously disclosed financing terms are as follows: The principal amount of the $17.3 million debenture will be convertible, at the holder's option, into units of Applied Gaming Solutions at a price of $.50 per unit. Each unit consisting of one common share and one common share purchase warrant. Each share purchase warrant shall entitle the holder thereof to purchase one common share at an exercise price of $0.65 per common share. The Corporation anticipates completing all necessary regulatory, statutory and obligatory requirements within the terms of the previously announced agreement by the Annual General Meeting scheduled for September 22nd, 2000. |