LONDON (Alliance News) - Virtual reality content creator EVR Holdings PLC said Monday it intends to raise GBP20.0 million through a placing of new shares with existing and new institutional and other investors.
The new shares are to be sold at 16 pence per share. Shares in EVR closed Monday up 12% at 18.00p each.
CEO Anthony Matchett and COO Steven Hancock both intend to sell a further 15.6 million shares each at the same time as the placing. The new shares are expected to be admitted to AIM no later than May 3.
Investec Bank PLC is acting as nominated adviser and sole UK broker.
In a separate statement, EVR said that its pretax loss for 2017 widened to GBP6.2 million from GBP2.6 million the year.
The company, at December 31, had cash and cash equivalents of GBP12.4 million, up from GBP3.4 million the previous year.
Executive Chairman and CEO Anthony Matchett said: "Over the coming months, the capital raised will be used to further accelerate our expansion and product roll-out on a global basis. In order to maintain our market-leading position and in-order to increase our revenue generation potential, launching the MelodyVR service on a worldwide basis, and in geographies such as South Korea, China, Taiwan and Japan, is our key focus."
"Over the coming months, alongside our continued commitment to content creation with the world's most recognisable artists and musicians, we intend to enhance our core offering by supplementing the platform with additional proprietary technologies such as interactive advertising, digital ticketing, social VR functionality and by launching versions of MelodyVR across further virtual reality devices in addition to forthcoming augmented reality ecosystems," Matchett added.
