Gaming machine supplier Ainsworth Game Technology is seeking to raise about $44 million via the placement of 30 million new shares to institutional investors.

The new shares have an offer price of $1.47 each and are expected to be issued on May 1.

Money raised from the share placement will be used to repay debt, fund the cash redemption of convertible notes, and for further growth, including in the Americas.

“Combined with the sale and leaseback of the company’s Newington property (in Sydney) approved by shareholders and completed in February, the placement will allow us to reduce our debt obligations and associated interest costs,” Ainsworth chief executive Danny Gladstone said in a statement on Monday.

“It will also allow us to simplify our capital structure and increase the spread of our shareholder base.”

Ainsworth shares were in a trading halt on Monday, having last traded at $1.565.