Frankfurt - Global law firm K&L Gates LLP has advised Frankfurt Stock Exchange Prime Standard-listed Lotto24 AG on a cash capital increase from authorized capital. Lotto24's shareholders were offered subscription rights for 5.99 million new shares during the period from September 12 to September 25, 2013.

Lotto24 AG is an online broker of lotteries operated by the German state lottery companies and aims to become the leader in the German online lottery brokerage market. The rights offering generated net proceeds of circa EUR 17 million, which Lotto24 AG intends to use to conduct marketing activities to accelerate the acquisition of new customers.

K&L Gates previously advised its clients Tipp24 SE and Lotto24 AG on the spin-off of Lotto24 AG from Tipp24 SE and the subsequent IPO of Lotto24 AG on the Prime Standard of the Frankfurt Stock Exchange in 2012.

The transaction was led by Frankfurt partner Boris Kläsener (corporate and capital markets), assisted by Frankfurt partners Dr. Bastian Bongertz on capital markets matters and Dr. Christian Büche on banking supervision and payment transactions law.