10 June 99
N E W S R E L E A S E
Chartwell Financing Closed
June 10, 1999, Chartwell Technology Inc. (CWH-ASE) is pleased to announce the closing of its previously announced (May 19, 1999) private placement of 500,000 Special Warrants issued at a price of $2.00 per Special Warrant. Each Special Warrant is convertible into one common share and one Warrant to purchase one common share exercisable at a price of $2.50 per share until May 26, 2000. The offering was significantly over subscribed without solicitation.
Chartwell also announces that, following its notice to repay all outstanding 10% Convertible Debentures, all Debenture holders have elected to convert their Debentures resulting in the issuance of 500,000 common shares at a price of $1.00 per share. Chartwell now has essentially no long-term debt except for computer equipment leases.
The Special Warrant private placement leaves Chartwell well capitalized to pursue its goal of achieving a dominant position in the area of online gaming and entertainment software. Chartwell is continually enhancing its leading-edge CasinoCasino online gaming software and is developing several related Internet entertainment applications.
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.comFor more information about Chartwell Technology Inc. please see www.chartwelltechnology.com/Stock.html