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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
      STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
      D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
      TO SECTION 13 OR 15(d) OF</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
      SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      report (date of earliest event reported): May 24, 2006</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SPECTRE
      GAMING, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minnesota</font></div>
            </td>
            <td valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0-25764</font></div>
            </td>
            <td valign="top" width="27%">
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            </td>
          </tr>
          <tr>
            <td valign="top" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction of incorporation)</font></div>
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                File Number)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer Identification No.)</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14200
      23rd Avenue N.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minneapolis,
      MN 55447</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices) (Zip code) </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      553-7601</font></div>
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      telephone number, including area code)</font></div>
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      name or former address, if changed since last report)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
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</font>Written
      communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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</font>Pre-commencement
      communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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</font>Pre-commencement
      communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01. Entry into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      25, 2006, Spectre Gaming, Inc. (the &#8220;Company&#8221;) entered into a Master Loan
      Agreement with PDS Gaming Corporation, a Minnesota corporation, providing for
      purchase-money amusement-with-prize machine financing in an amount aggregating
      up to $20 million. Under the Master Loan Agreement, Spectre Gaming has the
      right
      to request advances, from time to time, in amounts not to exceed $10 million
      or
      to be less than $650,000. Advance requests are subject to certain funding
      contingencies set forth in the agreement, and the discretion of PDS Gaming.
      On
      May 25, 2006, PDS Gaming advanced $1,464,104 to Spectre under the Master Loan
      Agreement. The Master Loan Agreement provides for interest on advanced funds
      in
      an amount equal to 13%. Upon each advance under the Master Loan Agreement,
      Spectre Gaming will deliver a promissory note in agreed form to PDS Gaming,
      providing for payments of interest first, and then principal, over a 36-month
      period. Promissory notes may not be prepaid for a period of 12 months after
      their issuance.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Master Loan Agreement, the Company entered into a Security
      Agreement granting a security interest in amusement-with-prize equipment
      purchased with funds advanced under the Master Loan Agreement, revenue
      agreements that the Company enters into with location operators, a bank account
      opened to receive funds from the revenue agreements, and substantially all
      of
      its other assets, including the Redemption Technology and Supply Agreement
      entered into with Bally Gaming, Inc., as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.02. Unregistered Sales of Equity Securities.</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      25, 2006, the Company issued a five-year warrant to purchase up to 500,000
      shares of common stock at a per-share price of $1.84 to each of Rockmore
      Investment Master Funds, Ltd. (a Delaware corporation) and Parklane Associates,
      LLC (a Minnesota limited liability company). The warrants were issued in
      consideration for the agreement of such entities to subordinate the Company&#8217;s
      obligations under certain promissory notes they had acquired from Pandora Select
      Partners, L.P. and Whitebox Intermarket Partners, L.P. on or about May 12,
      2006,
      to the Company&#8217;s obligations under the Master Loan Agreement entered into with
      PDS Gaming Corporation (see Item 1.01 above).</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, the Company has agreed, respecting 650,000 currently outstanding
      warrants owned by Mr. Wayne Mills and/or his affiliates, to reduce the exercise
      price to $1.84, with terms of adjustments to such price identical to those
      contained in the warrants issued to Rockmore Investment Master Funds and to
      Parklane Associates. Mr. Mills is a beneficial owner of Parklane Associates.
      Accordingly, the warrants were repriced in partial consideration for the
      agreement to subordinate the Company&#8217;s obligations under certain promissory
      notes they had acquired from Pandora Select Partners, L.P. and Whitebox
      Intermarket Partners, L.P. on or about May 12, 2006, to the Company&#8217;s
      obligations under the Master Loan Agreement entered into with PDS Gaming
      Corporation (see Item 1.01 above). </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      $1.84
      purchase price for the warrants discussed above will automatically adjust to
      match the price of any offer, sale, repricing or issuance of common stock or
      &#8220;common stock equivalents,&#8221; as defined therein, that is less than the
      then-effective purchase price under the warrants. The warrants define &#8220;common
      stock equivalents&#8221; as any Company securities entitling the holder thereof to
      acquire at any time Company common stock. The foregoing adjustment provision
      is
      subject to certain customary exceptions, including but not limited to the
      issuance of (i) shares of common stock or options to employees, officers or
      directors pursuant to certain stock or option plans, (ii) securities exercisable
      or exchangeable for or convertible into shares of common stock issued and
      outstanding on the date of the warrants, and (iii) securities issued pursuant
      to
      certain acquisitions or strategic transactions.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      warrants discussed above grant the holders piggyback registration rights in
      the
      event the Company or any of its security holders offers any Company securities
      (other than pursuant to a registration statement on Form S-4, S-8 or other
      similar limited-purpose form).</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      these
      transactions, the Company relied on Section 4(2) of the Securities Act,
      including Rule 506 promulgated thereunder, based on the fact that all warrant
      recipients, either alone or through a purchaser representative, had knowledge
      and experience in financial and business matters such that each was capable
      of
      evaluating the risks of the investment, and all such investors are &#8220;accredited
      investors&#8221; as defined in rules promulgated under the Securities Act. Neither the
      securities offered and sold in the private placement, nor the shares of common
      stock underlying such securities, were registered under the Securities Act
      and
      therefore may not be offered or sold in the United States absent registration
      or
      an applicable exemption from registration requirements. The disclosure about
      the
      private placement and related agreements contained in this report does not
      constitute an offer to sell or a solicitation of an offer to buy any securities
      of the Company, and is made only as required under applicable rules for filing
      current reports with the SEC, and as permitted under Rule 135c under the
      Securities Act.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      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.</font></div>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">SPECTRE
              GAMING,
              INC.:</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;May
              25,
              2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;/
              Kevin
              M. Greer<font id="TAB2" style="COLOR: black; LETTER-SPACING: 10.3pt" size="3">&#160;</font></font></td>
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              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Kevin
              M. Greer, <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Chief
              Financial Officer</em></font></font></td>
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{"company-data": {"conformed-name": "SPECTRE GAMING INC", "cik": "0000891389", "assigned-sic": "7385", "irs-number": "411675041", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25764", "film-number": "06868648"}, "business-address": {"street1": "800 NICOLLET MALL", "street2": "SUITE 2690", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402", "phone": "612-279-2005"}, "former-company": [{"former-conformed-name": "ONELINK INC", "date-changed": "20000823"}, {"former-conformed-name": "ONELINK COMMUNICATIONS INC", "date-changed": "19971118"}, {"former-conformed-name": "MARKETLINK INC", "date-changed": "19950320"}]}
UNITED
      STATES
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): May 24, 2006
SPECTRE
      GAMING, INC.
(Exact
      name of registrant as specified in its charter)
Minnesota
0-25764
41-1675041
(State
                or other jurisdiction of incorporation)
(Commission
                File Number)
(IRS
                Employer Identification No.)
14200
      23rd Avenue N.
Minneapolis,
      MN 55447
(Address
      of principal executive offices) (Zip code)
(763)
      553-7601
(Registrant's
      telephone number, including area code)
(Former
      name or former address, if changed since last report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written
      communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
o
Pre-commencement
      communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
      communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
      1.01. Entry into a Material Definitive Agreement.
On
      May
      25, 2006, Spectre Gaming, Inc. (the "Company") entered into a Master Loan
      Agreement with PDS Gaming Corporation, a Minnesota corporation, providing for
      purchase-money amusement-with-prize machine financing in an amount aggregating
      up to $20 million. Under the Master Loan Agreement, Spectre Gaming has the
      right
      to request advances, from time to time, in amounts not to exceed $10 million
      or
      to be less than $650,000. Advance requests are subject to certain funding
      contingencies set forth in the agreement, and the discretion of PDS Gaming.
      On
      May 25, 2006, PDS Gaming advanced $1,464,104 to Spectre under the Master Loan
      Agreement. The Master Loan Agreement provides for interest on advanced funds
      in
      an amount equal to 13%. Upon each advance under the Master Loan Agreement,
      Spectre Gaming will deliver a promissory note in agreed form to PDS Gaming,
      providing for payments of interest first, and then principal, over a 36-month
      period. Promissory notes may not be prepaid for a period of 12 months after
      their issuance.
In
      connection with the Master Loan Agreement, the Company entered into a Security
      Agreement granting a security interest in amusement-with-prize equipment
      purchased with funds advanced under the Master Loan Agreement, revenue
      agreements that the Company enters into with location operators, a bank account
      opened to receive funds from the revenue agreements, and substantially all
      of
      its other assets, including the Redemption Technology and Supply Agreement
      entered into with Bally Gaming, Inc., as amended.
Item
      3.02. Unregistered Sales of Equity Securities.
On
      May
      25, 2006, the Company issued a five-year warrant to purchase up to 500,000
      shares of common stock at a per-share price of $1.84 to each of Rockmore
      Investment Master Funds, Ltd. (a Delaware corporation) and Parklane Associates,
      LLC (a Minnesota limited liability company). The warrants were issued in
      consideration for the agreement of such entities to subordinate the Company's
      obligations under certain promissory notes they had acquired from Pandora Select
      Partners, L.P. and Whitebox Intermarket Partners, L.P. on or about May 12,
      2006,
      to the Company's obligations under the Master Loan Agreement entered into with
      PDS Gaming Corporation (see Item 1.01 above).
In
      addition, the Company has agreed, respecting 650,000 currently outstanding
      warrants owned by Mr. Wayne Mills and/or his affiliates, to reduce the exercise
      price to $1.84, with terms of adjustments to such price identical to those
      contained in the warrants issued to Rockmore Investment Master Funds and to
      Parklane Associates. Mr. Mills is a beneficial owner of Parklane Associates.
      Accordingly, the warrants were repriced in partial consideration for the
      agreement to subordinate the Company's obligations under certain promissory
      notes they had acquired from Pandora Select Partners, L.P. and Whitebox
      Intermarket Partners, L.P. on or about May 12, 2006, to the Company's
      obligations under the Master Loan Agreement entered into with PDS Gaming
      Corporation (see Item 1.01 above).
The
      $1.84
      purchase price for the warrants discussed above will automatically adjust to
      match the price of any offer, sale, repricing or issuance of common stock or
      "common stock equivalents," as defined therein, that is less than the
      then-effective purchase price under the warrants. The warrants define "common
      stock equivalents" as any Company securities entitling the holder thereof to
      acquire at any time Company common stock. The foregoing adjustment provision
      is
      subject to certain customary exceptions, including but not limited to the
      issuance of (i) shares of common stock or options to employees, officers or
      directors pursuant to certain stock or option plans, (ii) securities exercisable
      or exchangeable for or convertible into shares of common stock issued and
      outstanding on the date of the warrants, and (iii) securities issued pursuant
      to
      certain acquisitions or strategic transactions.
All
      warrants discussed above grant the holders piggyback registration rights in
      the
      event the Company or any of its security holders offers any Company securities
      (other than pursuant to a registration statement on Form S-4, S-8 or other
      similar limited-purpose form).
For
      these
      transactions, the Company relied on Section 4(2) of the Securities Act,
      including Rule 506 promulgated thereunder, based on the fact that all warrant
      recipients, either alone or through a purchaser representative, had knowledge
      and experience in financial and business matters such that each was capable
      of
      evaluating the risks of the investment, and all such investors are "accredited
      investors" as defined in rules promulgated under the Securities Act. Neither the
      securities offered and sold in the private placement, nor the shares of common
      stock underlying such securities, were registered under the Securities Act
      and
      therefore may not be offered or sold in the United States absent registration
      or
      an applicable exemption from registration requirements. The disclosure about
      the
      private placement and related agreements contained in this report does not
      constitute an offer to sell or a solicitation of an offer to buy any securities
      of the Company, and is made only as required under applicable rules for filing
      current reports with the SEC, and as permitted under Rule 135c under the
      Securities Act.
*
*
*
*
*
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.
SPECTRE
              GAMING,
              INC.:
Date: May
              25,
              2006
By:
/s/ /
              Kevin
              M. Greer
Kevin
              M. Greer,
Chief
              Financial Officer