30th Oct 2018 09:37
LONDON (Alliance News) - MySQUAR Ltd said on Tuesday it has raised GBP600,000 through a share placing to support the promotion of its mobile money product.
The placing of 171.4 million shares was at a price of 0.35 pence each. Shares in the entertainment and payments platform provider were down 43% at 0.33p on Tuesday following the announcement.
The placing was arranged by new joint broker SVS Securities, and the proceeds will go towards working capital, corporate expenses, and the funding of marketing and promotion of MySQUAR's mobile money product.
MySQUAR also said it expects to report significant revenue growth from its Mobile Games and Media & Mobile Apps segments, but a 25% drop in Business Advisory for the financial year that end in June.
In Mobile Games, revenue is expected to have doubled to USD1.5 million from USD723,797, as during the period MySQUAR released three new games, which have proved popular.
The Media & Mobile Apps division revenue is expected to nearly quadruple to USD89,112 from USD22,763 the year before, primarily due to its Voice over IP service CallHome.
"The management team is focussed on developing our new agreement to sell advertising on WeChat, and we are seeking to rapidly grow our Mobile Money offering whilst managing costs carefully and nurturing our existing user base," said Interim Chief Executive Officer Stephen Chong.
MySQUAR now has 1.09 billion shares issued overall.
Related Shares:
Mysquar