- Marketing specialist Crowd Media (CM8) receives firm commitments to raise $2.1 million via a share placement
- The funds will be raised through the issue of 70 million fully paid shares to institutional, sophisticated and professional investors at 3 cents each
- Participants will also receive one free attaching option for every share subscribed for, exercisable at 6 cents and expiring two years after issue
- Crowd Media will use the money to develop the Talking Head technology and for sales and marketing
- Shares in Crowd Media are down 13.9 per cent and are trading at 3.1 cents at 11:23 am AEST
Marketing specialist Crowd Media (CM8) has received firm commitments to raise $2.1 million via a share placement.
The funds will be raised through the issue of 70 million fully paid shares to institutional, sophisticated and professional investors at 3 cents each — a 10.8 per cent discount to Crowd Media’s 15-day volume-weighted average price.
Participants will also receive one free attaching option for every share subscribed for, exercisable at 6 cents and expiring two years after issue.
The placement will be undertaken in two phases with phase one set to issue 50 million shares and 50 million options while phase two, which is subject to shareholder approval, will issue 20 million shares and 20 million options.
Also subject to shareholder approval is the issue of 10 million shares and 10 million options to company directors.
Furthermore, an additional 10 million shares will be issued to Roger and Erica Blake, related parties of Crowd Media and the parents of Non-Executive Director Matthew Blake, to raise $300,000.
They will also receive attaching options on a one-for-one basis that are also exercisable at 6 cents with expiry two years from issue.
Crowd Media will use the money to develop the Talking Head technology and for sales and marketing.
Shares in Crowd Media were down 13.9 per cent and were trading at 3.1 cents at 11:23 am AEST.