- SportsHero (SHO) has entered a mandate with Veritas Securities to raise more than $1.3 million for working capital
- In accordance with the mandate, the company will issue 53.5 million shares to sophisticated and professional investors at 2.5 cents
- Subject to shareholder approval, participants will also receive one free attaching option for every two shares subscribed for, exercisable at 5 cents with expiry in December 2022
- Also subject to shareholder approval will be the issue of 18 million shares to institutional investor First Growth Funds to raise an additional $450,000
- SportsHero will use the funds to further enhance its Olahbola app, establish an Indonesian-based sales team and expand its current content team
- Olahbola is dedicated to international and Indonesian football fans who follow other leagues such as the English Premier League
- SportsHero is up 7.14 per cent with shares currently trading for 3 cents each
SportsHero (SHO) has entered a mandate with Veritas Securities to raise $1,337,500 for working capital.
The company entered a trading halt on Monday in regards to the placement but did not disclose how much it would be raising or what the funds will be used for.
In accordance with the mandate, SportsHero will issue 53.5 million shares to sophisticated and professional investors at 2.5 cents.
Subject to shareholder approval, participants will also receive one free attaching option for every two shares subscribed for.
These attaching options will be exercisable at 5 cents each with expiry on December 16, 2022.
Also subject to shareholder approval will be the issue of 18 million shares to institutional investor First Growth Funds to raise an additional $450,000. 9 million free attaching options will also be issued.
SportsHero will use the funds to further enhance its Olahbola app, establish an Indonesian-based sales team, expand its current content team, and for working capital.
Olahbola is dedicated to international and Indonesian football fans who follow other leagues such as the English Premier League and Spain’s La Liga.
“We are very pleased to receive such a high level of investor support that far exceeded the company’s available placement capacity,” CEO Tom Lapping commented.
“Securing this funding enables the company to capitalise on the enormous momentum and success of the recently launched and fully localised Indonesian app ‘Olahbola’,” he said.
“Our focus is to utilise our premium technologies and official associations to generate meaningful revenue flows from multiple sources across our platforms,” he added.
SportsHero is up 7.14 per cent with shares trading for 3 cents each at 2:32 pm AEDT.