(Alliance News) - Virtual reality firm EVR Holdings PLC confirmed on Monday it has raised USD12 million in a share placing at a 22% premium.
EVR, which announced the fundraise earlier on Monday, has placed 275.4 million new shares at 3.75 pence each, raising USD12 million.
EVR said the price is a 22% premium to its average closing price in London last week. Shares closed 6.3% lower on Monday in London at 3.75p each. However, they were well over 4p less than a month ago.
Chair & Chief Executive Anthony Matchett said: "The proceeds of this successful placing will enable us to scale our business in support of the launch of our upcoming MelodyVR subscription service whilst also extending the availability of the MelodyVR platform and the breadth of our content, via a number of new initiatives. In addition, we will continue to expand upon our theatrical partnership with the John Gore Organisation.
"Based on the challenging circumstances presented by Covid-19 to both live events and mass-gatherings, EVR is ideally placed to service our existing partners and consumers with exciting new artist experiences and alternative routes to content consumption."
"By leveraging our proprietary technology and track-record of delivering both live and recorded virtual experiences, we will utilise our experience and technical expertise to present credible alternatives to physical events in the short-term whilst continuing to drive platform engagement and scale our userbase to secure our long-term future," Matchett continued.
"This successful fundraise, amidst a challenging economic backdrop, is a further validation of both key investor support and of our ability to operationally deliver on the opportunities presented before us and I would like to extend a warm thank you our investors, strategic partners, staff and our users for sharing our exciting vision for the future of content consumption."
By George Collard; georgecollard@alliancenews.com
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