- Playside Studios (PLY) has closed a heavily oversubscribed $3 million share purchase plan (SPP)
- The company’s strongly supported SPP received total subscriptions of just under $13 million, in addition to a successful $25 million placement
- Funds raised will be used towards work-for-hire execution, a new studio location on the Gold Coast and metaverse and blockchain research and development
- The SPP offer invited eligible shareholders to invest up to a maximum of $30,000 per shareholder at an issue price of 75 cents each
- Company shares are up 1.8 per cent at 85 cents
Playside Studios (PLY) has closed a heavily oversubscribed $3 million share purchase plan (SPP).
The company’s strongly supported SPP received total subscriptions of around $13 million, in addition to a successful $25 million placement.
Funds raised from both the placement and SPP will be used towards work-for-hire execution, a new studio location on the Gold Coast with team expansion and metaverse and blockchain research and development.
The SPP offer invited eligible shareholders to invest up to a maximum of $30,000 per shareholder, at an issue price of 75 cents each.
In accordance with the SPP terms, the directors conducted a scale back of the proceeds which were made on a pro-rata basis.
This process will result in 4 million new shares issued for a total of $3 million cash received.
Playside sais it anticipates holding statements and refund advices would be received by all shareholders in the week beginning Monday December 13.
“We are very pleased with the applications received under the SPP and would like to thank our existing shareholders for their ongoing support,” Playside Studios CEO Gerry Sakkas said.
Company shares are up 1.8 per cent at 85 cents at 1:19 pm AEDT.