- Australian music company Jaxsta (JXT) has placed its shares in a trading halt ahead of an approaching proposed equity placement
- The company revealed the placement will be made available to professional and sophisticated investors, offering up 53,720,000 Jaxsta shares in a bid to raise just over $4 million
- In terms of recent updates, the ASX-lister signed a two-year commercial data access agreement with Kobalt Music and reported a cash and equivalents balance of roughly $2.6 million in its latest half-yearly
- Prior to the trading halt, Jaxsta shares last changed hands at 8.3 cents
Australian music company Jaxsta (JXT) has placed its shares in a trading halt ahead of an approaching proposed equity placement.
The placement will be made available to professional and sophisticated investors, with 53,720,000 Jaxsta shares up for grabs at 7.5 cents each, projecting to raise just over $4 million.
Further details of how the funds are set to be spent have not been made explicitly clear at this stage, however, an investor presentation released today indicates it hopes to tackle a lack of networking and employment opportunities for industry professionals and inaccurate data in the music industry.
The ASX-lister recently signed a two-year commercial data access agreement with Kobalt Music, which can now be licensed through Jaxsta’s Data Solutions and its Commercial API.
There are two more paid deals set to begin in April this year.
In its latest half-yearly, Jaxsta reported a cash and equivalents balance of roughly $2.6 million as of December 31, 2020 after burning through $3.4 million in expenses for the half-year.
Prior to the trading halt, Jaxsta shares last changed hands at 8.3 cents.