27th Apr 2018 11:35
LONDON (Alliance News) - Podcasting platform Audioboom Group PLC said on Friday it is progressing with its reverse takeover of audio technology services firm Triton Digital Canada Inc, parent of Triton Digital Inc for USD185.0 million.
The associated fundraise is ongoing. Audioboom, however, said the structure and terms of the acquisition will be different to those outlined in mid-February.
However, as the acquisition remains in progress, Audioboom said it has raised GBP1.0 million through the issue of convertible loan notes for which Candy Ventures will subscribe to in order to fund current working capital purposes.
The loan notes attract interest at a rate of 10% per annum, and are convertible into share on the completion of the Triton acquisition, or any time Candy Ventures wishes after June 30.
In addition, Audioboom said that trading in the first quarter of its financial year stayed in line with management expectations in revenue and earnings before interest, tax, amortisation and deprecation, and expects to see significant growth in revenue for the period.
Advertising impressions for the three months to the end of February stood at 633 million, up from 304 million for the same period the year before. Content channels also grew to 12,948 from 10,005.
Shares in Audioboom are currently suspended under AIM rules as the Triton acquisition constitutes a reverse takeover.
Related Shares:
Audioboom Grp.