01 April 99
N E W S R E L E A S E
Chartwell Technology Inc. Intends to Proceed with a $1,000,000 Special Warrant Private Placement
April 1, 1999, Chartwell Technology Inc.(CWH-ASE) announces that it intends to proceed with a $1,000,000 Special Warrant Private Placement consisting of up to 500,000 Special Warrants to be priced at $2.00 per Special Warrant. Each Special Warrant will entitle the holder to receive, on exercise thereof, at no additional cost, one common share ("Common Share") of the Company and one non-transferable common share purchase warrant ("Warrant"). One Warrant will entitle the holder to purchase one Common Share at a price of $2.50 per share exercisable for a period of one year from the date of issue. The Company will agree to use its best efforts to file a prospectus for the purpose of qualifying the Special Warrants within four months of closing. In the event that Chartwell fails to obtain receipts for a final prospectus qualifying the distribution of the securities underlying the Special Warrants from applicable securities regulators within the four month period, each Special Warrant will be exercisable to acquire 1.1 Common Shares and 1.1 Warrants.
Chartwell intends to use the proceeds of the Special Warrant financing to fund further enhancements to its Java based Internet gaming software, to develop new products based on its existing product suite and for the formal marketing launch of its Internet gaming software.
The Special Warrant financing was priced by the Company, will be sold to arms length parties and is subject to regulatory approval which must be applied for within fourteen days of the date of this release.
Chartwell is an Internet based e-commerce, technology and service company which specializes in online gaming software and video conferencing solutions.
For further information, please contact:
Darold H. Parken
President
877-261-6619 or 403-261-6619
dhp@chartwelltechnology.comDavid Bajwa
Investor Relations
877-669-4180 or 604-669-4180
info@chartwelltechnology.comThe Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
For more information about Chartwell Technology Inc. please see www.chartwelltechnology.com/Stock.html