Gfinity PLC (AIM:GFIN) has conditionally raised £450,000 and appointed David Halley to be chief executive as part of a pivot to gamer website advertising.
Halley, a director of Tourbillon Group, which recently acquired 72.5% of Gfinity’s gaming subsidiary, Athlos, has a background in hedge funds and risk management through stints at Capstone Financial (HK) and Man Group.
The fundraising is through a subscription price at 0.06p, compared to an average of 0.94p recently, with Halley subscribing for around 66.7 million shares and 12% shareholder Robert Keith taking up a further 33.3 million.
As of 4 August 2023, the company's cash amounted to approximately £205,000, said the statement.
Gfinity added it is targeting cash break-even and a monthly audience of 10 million plus monthly active users within six months, with AI and "ad-tech" to be used to boost CPM rates and direct advertising.
Shareholders have to approve the subscription before it goes ahead, but without the cash Gfinity said alternative sources of funding would be needed urgently.
Following Halley’s appointment, Neville Upton is reverting back to his previous role as non-exec chairman.
Halley is not receiving a salary but instead will be incentivised through options at the subscription price.