- Australian digital entertainment company iCandy (ICI) has entered a trading halt pending a capital raise announcement
- The company’s securities will remain in a trading halt until the commencement of normal trading on December 9 or until the announcement is released
- ICI recently entered a binding term sheet with Lemon Sky Studios to set up a new joint venture game studio company
- Together the two companies will develop 3D mobile games with cross-platform potential
- Meantime, this latest capital raise comes after ICI raised $1.2 million via a placement to Acorn Managed Investments in September
- Before today’s trading halt, shares in iCandy last traded at 15.5 cents each
Australian digital entertainment company iCandy (ICI) has entered a trading halt pending a capital raise announcement.
The company’s securities will remain in a trading halt until the commencement of normal trading on December 9, or until the announcement is released to the market in full.
The news of the capital raise comes after iCandy recent signed a binding term sheet with Lemon Sky Studios to set up a new joint venture game studio company (JV-Co).
The JV-Co will focus on developing 3D mobile games with cross-platform potential and AAA quality.
The joint venture itself will be incorporated in Malaysia with a 50:50 initial shareholding. While an initial game studio will also be set up in Kuala Lumpur.
Meantime, this latest capital raise also follows a recent $1.2 million capital raise carried out in September via a placement to Acorn Managed Investments.
The business is led by strategic investor Joseph Sedmak, who is the founder of Seattle based digital performance marketing firm OzBoom.
Before today’s trading halt, shares in iCandy last traded at 15.5 cents each on December 4.