(Alliance News) - Bidstack Group PLC, a in-game advertising company, on Thursday said it intends to raise up to GBP5.7 million through a share placing and subscription.
The company expects to raise up to GBP5.5 million through an accelerated bookbuild placing of 135.5 million shares at 4 pence per share. Further, it intends to raise up to GBP200,000 via subscription of up to 5 million shares at the same price by certain directors.
Shares in Bidstack closed at 5.66 pence each in London on Thursday, up 0.5%.
Stifel Nicolaus Europe Ltd is acting as sole broker and bookrunner in connection with the bookbuild. SPARK Advisory Partners Ltd is acting as nominated adviser.
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.
Bidstack also said that it continues to expect revenue for 2020 to be very significantly second-half weighted and in line with market expectations for the year.
By Tapan Panchal; tapanpanchal@alliancenews.com
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