XLMedia PLC (LON:XLM) confirmed the pricing for its share placing which will now raise £24mln.
The company, in a statement after Thursday’s close, noted that it had sought a minimum of £20mln and the share sale was significantly oversubscribed.
It will see a total of 58.72mln new shares sold to new and existing investors at a price of 40p per share.
READ: XLMedia to buy Sports Betting Dime
Shares issued in the placing and subscription will represent some 30% of the enlarged company.
Proceeds will support the company’s proposed US$26mln acquisition of Sports Betting Dime, announced on Thursday, which will see the company take on a sports betting website and two apps.
"It is extremely pleasing to see the level of support received from both new and existing investors as part of this heavily oversubscribed fundraising,” said chief executive Stuart Simms.
“The level of demand for the placing reflects confidence in XLMedia's strategy and growth potential in the US sports betting market.”
Simms added: "During the previous 12 months since the COVID-19 pandemic, the health and safety of our staff and stakeholders has been of paramount importance, and it is pleasing to see we have been able to maintain high levels of productivity, whilst implementing the necessary remote working capabilities.”