Global media and marketing company, Crowd Media Holdings Limited (ASX:CM8) has successfully raised $1.5 million via a heavily oversubscribed placement of 62.21 million ordinary shares at 2.5 cps and 31.105 million options with an exercise price of 4 cents and 2-year expiry from issue.
Proceeds will be used to strengthen the Company’s balance sheet, hasten scale up, reinforce sales and slash the Billfront facility by up to $500 k. New shares under the Placement are expected to be issued by 26 June 2020.
In an address to shareholders, Chairman Stephen Schapera stated that Crowd continues to improve in the most important of all metrics, with underlying EBITDA now positive and steadily improving.
CM8 quoted $ 0.029 at 12:04 PM AEST on 23 June 2020.
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