18th Aug 2020 13:35
(Alliance News) - Digital music rights acquirer One Media iP Group PLC said Tuesday it raised GBP6.0 million through a 86.6 million share placing at 7.0 pence each.
The placing shares represent 39% of One Media iP's enlarged share total. The stock was up 0.2% at 7.26p on Tuesday in London, giving a market capitalisation of GBP9.9 million.
The proceeds of the placing will be used to acquire exclusive rights to expand the company's digital assets over a portion of copyrights in performance and writers shares, primarily through the Harmony iP asset release program, the company said.
The placing will need to be approved at a general meeting called for on September 4.
Chief Executive Michael Infante said: "To have such a heavily oversubscribed fundraising, which also brings a significant number of new high-quality investors onto the register, is extremely pleasing. The level of demand for the Placing reflects the confidence existing and incoming investors have in One Media's Harmony iP model and the ongoing strategy to capitalise on a market benefiting from significant tailwinds.
By Greg Roxburgh; [email protected]
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