SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 22, 1999
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Casinovations Incorporated
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(Exact name of Registrant as specified in charter)
Nevada
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(State or other jurisdiction of incorporation)
000-25855 91-1696010
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(Commission File Number) (IRS Employee Identification No.)
6744 South Spencer Street, Las Vegas, Nevada 89119
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 733-7195
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
PRIVATE PLACEMENT OF SHARES
On September 22, 1999, Casinovations Incorporated, a Nevada
corporation (the "Company"), placed 1,000,000 shares (the
"Shares") of the Company's common stock, $.001 par value ("Common
Stock"), at a price of $2.60 per share for an aggregate
subscription amount of $2,600,000. The Shares were purchased by
the following individuals in the following share amounts: (i)
the James E. Crabbe Revocable Trust, a trust controlled by James
E. Crabbe, a director and controlling stockholder of the Company
- - 860,000 shares; (ii) Bob L. Smith, a director and stockholder
of the Company - 70,000 shares; (iii) Richard S. Jaslow, a
director and stockholder of the Company - 50,000 shares; and (iv)
Ronald O. Keil, a director and stockholder of the Company -
20,000 shares (collectively, the "Purchasers"). As part of the
private placement, the Company granted piggy-back registration
rights to the Purchasers.
Pursuant to the terms the subscription agreements, the
Purchasers have agreed to pay the subscription amount by November
1, 1999. Upon receipt of the subscription amounts from the
Purchasers and the issuance of their respective shares of Common
Stock by the Company, the Purchasers will beneficially own the
following number and percentage of shares of Common Stock:
SHARES PERCENTAGE
James E. Crabbe 6,763,294 shares 63.17%
Bob L. Smith 584,288 shares 5.46%
Richard S. Jaslow 579,953 shares 5.42%
Ronald O. Keil 315,980 shares 2.95%
The percentage of shares of Common Stock were calculated as of
September 30, 1999, on which 10,705,944 shares of Common Stock
were outstanding.
The Company intends to use the proceeds from the issuance of
the Shares to the Purchasers for the acceleration of the
Company's manufacturing capabilities to meet the increasing
demand for its products, the continued development of the
Company's SecureDrop Slot Accounting System, and general working
capital purposes.
RESIGNATION OF DAVID E. SAMPSON
Effective September 30, 1999, David E. Sampson resigned from
the Board of Directors of the Company due to other time
commitments.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
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(c) Exhibits.
10.1 Form of Subscription Agreement
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
CASINOVATIONS INCORPORATED
(Registrant)
Date: October 4, 1999 By: /s/ Steven J. Blad
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Steven J. Blad
President and Chief Executive
Officer
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EXHIBIT INDEX
EXHIBIT DESCRIPTION PAGE
NUMBER ----------- NUMBER
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10.1 Form of Subscription Agreement. 6
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