25th Feb 2019 12:03
LONDON (Alliance News) - Audioboom Group PLC on Monday said it raised GBP1.5 million by way of a subscription of shares in order to fund its podcast portfolio.
The podcast company issued 115.4 million shares at 1.3 pence each.
Audioboom shares were trading up 13% at 1.90p each on Monday around midday.
"The proceeds of the subscription will predominantly be used to meet the upfront payments required to secure new and existing established podcast content and their audiences, with a view to generating materially higher revenues throughout 2019 and beyond," the company said.
Audioboom expects the new shares to start trading on Thursday after which it will have 1.28 billion shares in issue.
Related Shares:
Audioboom Grp.