LONDON (Alliance News) - Immotion Group PLC on Tuesday said it has raised GBP3.3 million before expenses to support a range of developments and contract wins.
The entertainment company placed 45.5 million shares at a price of 6 pence each. The placing price is a 26% discount to the closing share price of 8.1p on Monday.
The stock was trading 21% lower on Tuesday at 6.40p a share, giving Immotion a market capitalisation of GBP12.5 million.
WH Ireland Ltd, Shard Capital Partners LLP and Leander Capital Partners Ltd acted as joint brokers, Immotion said.
Additionally, the company said several directors, either directly or through associated entities, and other individuals have entered into agreements to subscribe for, in aggregate, 9.5 million new shares at the issue price.
Early on Tuesday, Immotion said it is expanding its relationship with attractions operator Merlin Entertainments PLC.
Following a successful revenue share trial in Lego discovery centres in Boston and Manchester, Immotion and Merlin have agreed to continue the roll out of its VR cinematic platforms across the majority of the Lego estates, as well as a Legoland hotel in Germany.
In addition, Merlin has agreed to extend the relationship to cover an initial trial in three Sea Life centres in Germany and Australia.
Subject to the trial results, the intention is to roll the Blue Ocean VR cinematic experiences out across the wider Sea Life estate, which currently numbers 49 Sea Life centres.
Immotion also said it has signed two content licensing agreements with LEKE VR.
"We believe we are well placed to take advantage of the opportunities ahead of us, and remain extremely confident Immotion is set to become the leading out of home immersive VR operator in the world," said Chief Executive Martin Higginson.