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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>
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      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>
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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">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 5, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><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></div>
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            </td>
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            </td>
            <td valign="top" width="27%">
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                or other jurisdiction of incorporation)</font></div>
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                File Number)</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">(IRS
                Employer Identification No.)</font></div>
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    <div>&#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">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>
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      553-7601</font></div>
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      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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      communications pursuant to Rule 425 under the Securities Act (17 CFR
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      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
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      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Short-Term
      Borrowings</em></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 5,
      2006, Spectre Gaming, Inc. (the &#8220;Company&#8221;) borrowed an aggregate of $300,000
      from accredited investors and issued three short-term $100,000 promissory notes
      in exchange therefor. The promissory notes are fully due and payable on July
      31,
      2006 and bear interest through such date at the per annum rate of prime plus
      one. As inducement to loan funds to the Company, the Company issued each lender
      a five-year warrant to purchase up to 200,000 shares of common stock at the
      purchase price of $1.84 per share, subject to adjustment.</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 9,
      2006, Spectre Gaming, Inc. (the &#8220;Company&#8221;) borrowed an additional $300,000 from
      accredited investors and issued two short-term $150,000 promissory notes in
      exchange therefor. Like the promissory notes issued on May 5, 2006, these
      promissory notes are fully due and payable on July 31, 2006 and bear interest
      through such date at the per annum rate of prime plus one. As inducement to
      loan
      funds to the Company, the Company issued each lender a five-year warrant to
      purchase up to 300,000 shares of common stock at the purchase price of $1.84
      per
      share.</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">One
      of
      the lenders in the May 9, 2006 transaction was D. Bradly Olah, the Company&#8217;s
      President. Mr. Olah loaned the Company $150,000 and in exchange for promissory
      note for that principal amount. The terms granted to Mr. Olah in the promissory
      note and warrant issued to him for the loan were the same terms as those granted
      to other lenders.</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
      promissory notes issued for these short-term borrowings provide the lenders
      with
      the right to convert their notes into: (i) Company securities issued in any
      private offering of equity securities of the Company (or its successor or
      parent) consummated prior to the July 31, 2006 maturity date, upon the terms
      and
      conditions of such offering, and at a conversion price equal to the purchase
      price paid by such investors in such offering; and/or (ii) common stock of
      the
      Company, at a conversion price equal initially to $1.84 per share, subject
      to
      adjustment.</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">The
      $1.84
      conversion price adjusts 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 conversion price under the promissory notes.
      The
      promissory notes 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 the issuance of (i) shares of common stock or options to employees,
      officers or directors pursuant to certain stock or option plans, (ii) securities
      upon the conversion of any of the group of short-term promissory notes (iii)
      securities exercisable or exchangeable for or convertible into shares of common
      stock issued and outstanding on the date of the promissory notes, and (iv)
      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">The
      warrants issued to the lenders in connection with the short-term borrowings
      contain provisions for the adjustment of their $1.84 per-share purchase price
      that are substantially similar to those contained in the promissory notes and
      described above.</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">Both
      the
      promissory notes and warrants granted the lenders 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>
    <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">For
      these
      transactions, the Company relied on Section 4(2) of the Securities Act,
      including Rule 506 promulgated thereunder, based on the fact that there were
      only five investors, all of whom, 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="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</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Sales
      of Unregistered Securities</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">As
      disclosed in Item 1.01 above under the caption &#8220;Short-Term Borrowings,&#8221; on May 5
      and May 9, 2006, the Company borrowed an aggregate of $600,000 from accredited
      investors and issued promissory notes in that principal amount in exchange
      therefor. The promissory notes are fully due and payable on July 31, 2006 and
      bear interest through such date at the per annum rate of prime plus one. As
      inducement to loan funds to the Company, the Company issued the lenders
      five-year warrants to purchase an aggregate of up to 1,200,000 shares of common
      stock at the purchase price of $1.84 per share. The Company did not pay any
      underwriting or agent commissions or finder fees in connection with this
      financing.</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">The
      promissory notes issued in the financing provide the lenders with the right
      to
      convert their notes into: (i) Company securities issued in any private offering
      of equity securities of the Company (or its successor or parent) consummated
      prior to the July 31, 2006 maturity date, upon the terms and conditions of
      such
      offering, and at a conversion price equal to the purchase price paid by such
      investors in such offering; and/or (ii) common stock of the Company, at a
      conversion price equal initially to $1.84 per share, subject to
      adjustment.</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">The
      $1.84
      conversion price adjusts 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 conversion price under the promissory notes.
      The
      promissory notes 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 the issuance of (i) shares of common stock or options to employees,
      officers or directors pursuant to certain stock or option plans, (ii) securities
      upon the conversion of any of the group of short-term promissory notes (iii)
      securities exercisable or exchangeable for or convertible into shares of common
      stock issued and outstanding on the date of the promissory notes, and (iv)
      securities issued pursuant to certain acquisitions or strategic
      transactions.</font></div>
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      provisions for the adjustment of their $1.84 per-share purchase price that
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      including Rule 506 promulgated thereunder, based on the fact that there were
      only five investors, all of whom, 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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      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 width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">SPECTRE
              GAMING,
              INC.:</font></td>
          </tr>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;May
              11,
              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></td>
          </tr>
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            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Kevin
              M. Greer, <em>Chief Financial Officer</em></font></td>
          </tr>
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            <td>&#160;</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": "06830977"}, "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 5, 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.
Short-Term
      Borrowings
On
      May 5,
      2006, Spectre Gaming, Inc. (the "Company") borrowed an aggregate of $300,000
      from accredited investors and issued three short-term $100,000 promissory notes
      in exchange therefor. The promissory notes are fully due and payable on July
      31,
      2006 and bear interest through such date at the per annum rate of prime plus
      one. As inducement to loan funds to the Company, the Company issued each lender
      a five-year warrant to purchase up to 200,000 shares of common stock at the
      purchase price of $1.84 per share, subject to adjustment.
On
      May 9,
      2006, Spectre Gaming, Inc. (the "Company") borrowed an additional $300,000 from
      accredited investors and issued two short-term $150,000 promissory notes in
      exchange therefor. Like the promissory notes issued on May 5, 2006, these
      promissory notes are fully due and payable on July 31, 2006 and bear interest
      through such date at the per annum rate of prime plus one. As inducement to
      loan
      funds to the Company, the Company issued each lender a five-year warrant to
      purchase up to 300,000 shares of common stock at the purchase price of $1.84
      per
      share.
One
      of
      the lenders in the May 9, 2006 transaction was D. Bradly Olah, the Company's
      President. Mr. Olah loaned the Company $150,000 and in exchange for promissory
      note for that principal amount. The terms granted to Mr. Olah in the promissory
      note and warrant issued to him for the loan were the same terms as those granted
      to other lenders.
The
      promissory notes issued for these short-term borrowings provide the lenders
      with
      the right to convert their notes into: (i) Company securities issued in any
      private offering of equity securities of the Company (or its successor or
      parent) consummated prior to the July 31, 2006 maturity date, upon the terms
      and
      conditions of such offering, and at a conversion price equal to the purchase
      price paid by such investors in such offering; and/or (ii) common stock of
      the
      Company, at a conversion price equal initially to $1.84 per share, subject
      to
      adjustment.
The
      $1.84
      conversion price adjusts 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 conversion price under the promissory notes.
      The
      promissory notes 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 the issuance of (i) shares of common stock or options to employees,
      officers or directors pursuant to certain stock or option plans, (ii) securities
      upon the conversion of any of the group of short-term promissory notes (iii)
      securities exercisable or exchangeable for or convertible into shares of common
      stock issued and outstanding on the date of the promissory notes, and (iv)
      securities issued pursuant to certain acquisitions or strategic
      transactions.
The
      warrants issued to the lenders in connection with the short-term borrowings
      contain provisions for the adjustment of their $1.84 per-share purchase price
      that are substantially similar to those contained in the promissory notes and
      described above.
Both
      the
      promissory notes and warrants granted the lenders 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 there were
      only five investors, all of whom, 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.
Item
      3.02
Sales
      of Unregistered Securities
As
      disclosed in Item 1.01 above under the caption "Short-Term Borrowings," on May 5
      and May 9, 2006, the Company borrowed an aggregate of $600,000 from accredited
      investors and issued promissory notes in that principal amount in exchange
      therefor. The promissory notes are fully due and payable on July 31, 2006 and
      bear interest through such date at the per annum rate of prime plus one. As
      inducement to loan funds to the Company, the Company issued the lenders
      five-year warrants to purchase an aggregate of up to 1,200,000 shares of common
      stock at the purchase price of $1.84 per share. The Company did not pay any
      underwriting or agent commissions or finder fees in connection with this
      financing.
The
      promissory notes issued in the financing provide the lenders with the right
      to
      convert their notes into: (i) Company securities issued in any private offering
      of equity securities of the Company (or its successor or parent) consummated
      prior to the July 31, 2006 maturity date, upon the terms and conditions of
      such
      offering, and at a conversion price equal to the purchase price paid by such
      investors in such offering; and/or (ii) common stock of the Company, at a
      conversion price equal initially to $1.84 per share, subject to
      adjustment.
The
      $1.84
      conversion price adjusts 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 conversion price under the promissory notes.
      The
      promissory notes 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 the issuance of (i) shares of common stock or options to employees,
      officers or directors pursuant to certain stock or option plans, (ii) securities
      upon the conversion of any of the group of short-term promissory notes (iii)
      securities exercisable or exchangeable for or convertible into shares of common
      stock issued and outstanding on the date of the promissory notes, and (iv)
      securities issued pursuant to certain acquisitions or strategic
      transactions.
The
      warrants issued to the lenders in connection with the financing contain
      provisions for the adjustment of their $1.84 per-share purchase price that
      are
      substantially similar to those contained in the promissory notes and described
      above.
For
      these
      transactions, the Company relied on Section 4(2) of the Securities Act,
      including Rule 506 promulgated thereunder, based on the fact that there were
      only five investors, all of whom, 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.
2
*
*
*
*
*
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
              11,
              2006
By:
/s/ Kevin
              M.
              Greer
Kevin
              M. Greer,
Chief Financial Officer
3