Audioboom Group PLC (LON:BOOM) has unveiled plans to raise £4mln that will provide working capital for the business and fund the technical development of its audio platform.
In the same announcement the company said Candy Ventures, the investment vehicle of multi-millionaire property developer Nick Candy, is converting a loan worth £812,274 into stock.
The shares issued as part of the placing are being sold for 2.5p each, a modest discount to last night’s closing price.
“This fundraise will enable another step change in the company's on-going revenue growth story,” said chief executive Rob Proctor.
“I am obviously delighted that follow-on investment by a number of our existing shareholders, and material investment from new institutional investors, recognises both the progress that we have made over the last year and the exciting sector that we are selling into.”