On December 7, 2004, Chartwell Technology Inc., a leading provider of gaming software systems and entertainment content to the online and remote gaming industry, announced the closing of its previously announced bought deal private placement financing of $11,000,000, consisting of 2,365,592 Common Shares which were sold at a price of $4.65 per Common Share.

Clarus Securities Inc. and Harris Partners Limited acted as underwriters. The size of the private placement was increased to $11,000,000 upon the exercise of the Underwriters' over-allotment option to purchase an additional $1,000,000 of Common Shares of the Company.