- Mighty Kingdom (MKL) receives firm commitments to raise around $4 million for upcoming co-development projects
- Tranche one of the placement will place approximately 22.7 million shares at 14 cents to raise around $3.3 million with settlement intended to to occur on December 17
- The second tranche will issue around 5.1 million shares to the company’s chair, Michelle Guthrie, on the same terms as tranche one, to raise an additional $750,000
- A share purchase plan (SPP) will also be offered to all eligible shareholders who are able to subscribe for up to $30,000 worth of shares
- Mighty Kingdom shares are down 14.7 per cent to trade at 14 cents at market close
Mighty Kingdom (MKL) has received firm commitments to raise around $4 million for upcoming co-development projects and original IP.
The placement consists of up to 27.9 million new ordinary shares issued at 14 cents to sophisticated investors and fund managers.
Tranche one of the placement will place approximately 22.7 million shares at 14 cents to raise around $3.3 million with settlement intended to occur on December 17.
The second tranche will issue around 5.1 million shares to the company’s chair, Michelle Guthrie, on the same terms as tranche one, to raise an additional $750,000.
A share purchase plan (SPP) will also be offered to all eligible shareholders who are able to subscribe for up to $30,000 worth of shares
The company says it aims to raise up to $1 million via the SPP, with all shares ranking equally with all other shares issued in both the first and second tranches.
The SPP offer booklet with further details is expected to be released on December 23.
Funds raises will be used to allow MKL to improve top-line revenue with the potential contract size for new contracts moving to the $7-10 million range.
Additionally, funding will increase resources applied to metaverse technology via the company’s original IP pipeline.
Mighty Kingdom CEO and Managing Director Philip Mayes commented.
“Mighty Kingdom has experienced significant pipeline growth since its listing in April 2021,” he said.
“We are incredibly eager to deliver on new contract opportunities that have the potential to significantly shift our revenue base and release our upcoming games to market in the New Year.”
Mighty Kingdom shares are down 14.7 per cent to trade at 14 cents at market close.