25th Sep 2019 18:07
(Alliance News) - 7Digital PLC has raised far more than planned, it said on Wednesday, after completing an oversubscribed share placing.
Earlier Wednesday, the digital music and radio services platform company said it would raise GBP150,000, by placing 75.0 million shares at 0.2 pence each.
However, it ended up placing 130.8 million shares at that price, raising GBP261,697.
Chair Tamir Koch said: "We are thrilled to have brought a total of GBP5 million, including a GBP1 million future facility, in funding into the business in recent months.
"I'm grateful for the support of Arden Partners in the successful completion of this placing, and look forward to delivering on 7digital's mission to become the leading global B2B music service."
7Digital shares closed up 2.3% on Wednesday in London at a price of 0.22p each.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
7DIG.L