- Online digital marketing business RMA Global (RMY) is aiming to raise $11 million to help boost its sales in Australia and the U.S.
- The company entered a trading halt this morning ahead of the raise
- The funds will be spread over product and development, sales, and marketing costs
- The raise will be completed through a $10 million placement and a $1 million share purchase plan at 22 cents per share
- Company shares last traded for 26.5 cents per share on August 12
Online digital marketing business RMA Global (RMY) is aiming to raise $11 million to help boost its sales in Australia and the U.S.
The company entered a trading halt this morning ahead of the capital raise.
The raise will be completed through a $10 million placement and a $1 million share purchase plan at 22 cents per share. The funds raised will spread over product and development, sales, and marketing costs.
Directors David Williams and Philip Powell intend to participate in the placement for $2.5 million to $2.8 million and $55,000 respectively, however, this requires shareholder approval.
Additionally, Director Mark Armstrong will sell up to $2.2 million shares for 22 cents per share.
RMA expects to report $7.4 million in revenue for the 2020 financial year. It is also expecting an earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of $9.3 million and a $9.7 million net loss after tax.
The company’s full-year results will be released on August 26.
Company shares last traded for 26.5 cents per share on August 12.