Frontier Digital Ventures (ASX:FDV) completes $18.9m SPP

• Frontier Digital Ventures (FDV) completes its share purchase plan (SPP) with applications totalling approximately $18.9 million, significantly higher than the targeted $5 million
• Investors had the opportunity to apply for up to $30,000 worth of shares at $1.50 each with FDV saying it will accept all applications in full
• The SPP follows a recent $35 million placement and takes the company’s gross proceeds raised to approximately $53.9 million
• CEO Shaun Di Gregorio says the company is very grateful for the support shown by shareholders as it continues to execute on its long-term strategy
• Shares have been down 2 per cent trading at $1.46 each

Frontier Digital Ventures (FDV) has completed a share purchase plan (SPP) with applications totalling approximately $18.9 million, significantly higher than the targeted $5 million.

Investors had the opportunity to apply for up to $30,000 worth of shares at $1.50 each with FDV saying it will accept all applications in full.

The SPP follows a recent $35 million placement and takes the company’s gross proceeds raised to approximately $53.9 million.

The company said valid applications were received from 1640 of 9049 eligible shareholders, representing a participation rate of of 18.1 per cent, with an average application value of approximately $11,511.

CEO Shaun Di Gregorio says the company is very grateful for the support shown by shareholders as it continues to execute on its long-term strategy.

“We are humbled by the overwhelming vote of confidence in FDV from our shareholder base, which has grown considerably in recent years,” he said.

Shares were down 2 per cent trading at $1.46 at 2.07 pm AEDT.