(Alliance News) - Bidstack Group PLC said Friday it has raised GBP5.5 million through a significantly oversubscribed placing and subscription, which will go towards working capital requirements and expanding its international presence.
The in-game advertising company issued 137.5 million shares at a price of 4.0 pence each, while certain directors have subscribed for 5.0 million shares at the same price, raising GBP200,000.
Stifel Nicolaus Europe Ltd is acted as sole broker and bookrunner in connection with the bookbuild. SPARK Advisory Partners Ltd is acted as nominated adviser.
Shares in Bidstack were 22% lower at 4.40 pence on Friday in London.
Net proceeds of the placing will be used to fund working capital requirements in connection with pursuing increased demand from advertising companies, expanding international presence, particularly in the US and Far East and growing approved local agencies in Europe, Africa, South America and elsewhere.
The money will also be used in progressing with the next generation of gaming consoles and further developing the Company's proprietary AdConsole.
Following the placing and subscription, Bidstack now has 387.4 million shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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