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Northland Capital Partners View on the City GameAccount Network and Orsu Metals

Published: 03:15 12 Aug 2015 EDT

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Game Account Network (LON:GAME): New win
Market Cap: £32m; Current Price: 58.5p
Simulated gaming partnership in California

  • GAME, this morning announced that it has partnered with San Manuel Digital, the interactive division of San Manuel Band of Mission Indians in California, one of the largest casino operators in the State, to launch a Simulated Gaming product for online and mobile channels nationwide across the US. The gaming website and accompanying mobile Apps will launch in the following 3 - 4 months.
  • It would be the second major US tribal casino operator to launch GAME’s Simulated Gaming solution in the US which further endorses the product in our view. Furthermore, it gives GAME an entry into a very large market ahead of any Intra-State of Inter-State online casino regulation. 
  • GAME will publish interim results to the end of June on 30 September 2015.

NORTHLAND CAPITAL PARTNERS VIEW: The slower than expected introduction of regulated real-money online gambling in the US is delaying developments for GAME, however, the Company’s Simulated Gaming product, in our view, provides the opportunity to establish partnerships and a supplier agreements as a technology supplier well ahead of any pending regulation. A system’s sale remains a significant catalyst for the share price in the immediate future.

Orsu Metals Corporation (LON:OSU): Q2 & H115 results
Market Cap: £2.1m; Current Price: 1.15p
Trading below net cash of c. £3m

  • Net attributable loss for H115 reduced to US$1.3m from US$2.2m in H114.
  • Net cash of US$4.8m in H115 compared with US$6.1m in FY14.

NORTHLAND CAPITAL PARTNERS VIEW: Orsu Metals Corporation is currently trading at below its net cash position of c. £3m. The Company is also in negotiations to sell its Akdjol and Tokhtazan exploration licences located in Kyrgyzstan with the potential purchaser currently funding all licence costs until December 2015, when the Exclusivity Agreement expires. This reduces the Company’s cash burn in the near-term and if the transaction progress it could also further strengthen its already robust cash position as it looks to advance its principle Karchiga Copper Project.

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