- Specialist marketing company Crowd Media (CM8) has successfully raised $1.5 million and will use the money to strengthen its balance sheet
- More than 62 million shares and 31 million options will now be issued with the options subject to shareholder approval
- Shares were priced at 2.5 cents each while the options will have an exercise price of four cents and will expire within two years
- Crowd Media also used today to update its shareholders as the 2020 financial year draws to a close
- The company is now more efficient and capable after CEO Dominic Carosa worked with several companies to realign the business in September 2019
- Crowd Media has ended the day 12.5 per cent in the red and shares trading for 2.8 cents each
Specialist marketing company Crowd Media (CM8) has successfully raised $1.5 million and will use the money to strengthen its balance sheet.
A total of 62,210,000 ordinary shares and 31,105,000 options will now be issued, with the options subject to shareholder approval.
The shares were priced at 2.5 cents each, which represents a 19.5 per cent discount to the 10-day volume-weighted average price of shares up to June 19.
The options will have an exercise price of four cents and will expire within two years of issue.
Shares are expected to settle on June 25 and be issued by June 26. The options will be issued subject to shareholder approval at the upcoming extraordinary general meeting (EGM).
As mentioned before, Crowd Media will use the money to strengthen its balance sheet and sales, accelerate scale-up, and reduce the Billfront facility by up to $500,000.
The company also used today to update its shareholders as the 2020 financial year draws to a close.
Crowd Media states that changes began in September 2019 when CEO Domenic Carosa worked with several companies to realign the business.
As a result of this, Crowd Media is now more efficient and capable despite working on a much lower cost base.
Three new brands have been tested in the last three months with an additional six to be tested in the next year.
Two of the three brands are in line with expectations and a recently launched one is performing better than expected.
Crowd Media has ended the day 12.5 per cent in the red and shares trading for 2.8 cents each in a $10.29 million market cap.