One Media IP Group PLC (LON:OMIP) has raised additional cash in an oversubscribed share placing to fund the acquisition of exclusive rights which will be used to create and expand its digital asset holdings.
The digital music rights acquirer, publisher and distributor said it raised £6mln through a placing of around 86.3mln shares to new and existing institutional and other investors at a price of 7p each, a 3.4% discount to its closing price on Monday.
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One Media said the acquisitions funded by the placing proceeds will focus on a portion of copyrights in performance and writers shares, primarily through the Harmony IP asset release program.
"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”, said One Media chief executive Michael Infante in a statement.
“During the recent months the health and safety of our staff and stakeholders has been of paramount importance. The entire One Media team has been working harder than ever on a remote basis and I would like to thank everyone for their exceptional work throughout. The outlook is certainly exciting and we are looking forward to taking the business to the next level”, he added.