- Crowd Media’s (CM8) directors withdraw their participation in a $2.1 million placement, which was seeking to raise money for the company’s Talking Head platform
- The company cites a lack of support from conversations with large shareholders as the reason for the withdrawal
- Under the placement, the directors had indicated their intention to subscribe for $300,000 worth of shares, subject to shareholder approval
- Shares in Crowd Media had slid 9.52 per cent to 1.9 cents as of 10:37 am AEST
Crowd Media’s (CM8) directors have withdrawn their participation in a $2.1 million placement, which sought to raise money for the company’s Talking Head platform.
The company cited a lack of support from conversations with large shareholders as the reason for the withdrawal.
Under the placement, the directors had indicated their intention to subscribe for $300,000 worth of shares, subject to shareholder approval.
The company said the funds would be directed towards its artificial intelligence Talking Head platform, as well as sales and marketing expenses.
Shares under the placement were to be issued at 3 cents each, representing a 10.18 per cent discount to the 15-day volume-weighted average price (VWAP) at the time of launch.
However, the share price has slipped roughly 40 per cent since this time.
Shares in Crowd Media had slid 9.52 per cent to 1.9 cents as of 10:37 am AEST.