2nd Jul 2021 12:17
(Alliance News) - Bidstack Group PLC on Friday said it has raised GBP11 million via a discounted fundraise to fund the development of a new advertising platform.
A total of 488.1 million new shares were placed with institutional and other investors at a price of 2.00 pence each, raising gross proceeds of a GBP9.8 million. Some directors subscribed for a total of 55 million new shares at the same price, raising further proceeds of GBP1.1 million.
The placing price represents a 35% discount to Thursday's closing price of 3.08p. Bidstack shares trading down 28% at 2.20p each in London on Friday.
The video game monetisation and in-game advertising company first announced the placing with bookrunner Cenkos Securities PLC on Thursday.
Bidstack expects the placing shares to be listed on London's AIM market by July 20.
Cash from the placing will fund a platform that allows commercial rights owners, including bodies - such as sports teams and leagues - to control their licensed intellectual property.
By Scarlett Butler; [email protected]
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