Business
Placing to raise £8 million
Placing to raise £8 million.
About this update from Blackbird Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8955U\n Blackbird PLC\n 08 December 2021\n \n \n \n This announcement contains Inside Information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). Upon the publication of this announcement this Inside Information is now considered to be within the public domain.\n \n 8 December 2021\n Blackbird plc\n (the \"Company\")\n \n Placing to raise approximately £8.0 million before expenses\n \n to address new market opportunities\n \n \n \n Blackbird plc (AIM:BIRD, OTCQX: BBRDF), the technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, is pleased to announce a placing of 28,571,429 new ordinary shares of 0.8 pence each in the Company (the \"Placing Shares\") at a price of 28 pence per share (the \"Placing Price\") to raise approximately £8.0 million before expenses (the \"Placing\"). Allenby Capital Limited (\"Allenby Capital\") is acting as sole broker in connection with the Placing.\n \n The Placing has been conducted as a private placement under the Company's existing allotment and pre-emption disapplication authorities and participation has not been made available to members of the public.\n \n \n Blackbird plc CEO, Ian McDonough, said: \n \n \n \"With our core business in rude health we are incredibly excited to announce a placing to raise £\n 8.0\n million to enter new markets with our \"Powered by Blackbird\" intellectual property. \n \n \n \"Recent contract wins for the Company include Univision, Eurovision Sport and a further expansion with TownNews to 80 regional US stations. \"Powered by Blackbird\" already has its first customer in our current sector focus of professional Media and Entertainment. The Company has also recently been awarded \"Best Tech Company 2021\" by the SportsPro OTT awards. \n \n \n \"While our reputation builds in the professional Media and Entertainment vertical, our technology has advanced through API development and the first \"Powered by Blackbird\" licence deal has shown our applicability to companies across multiple video markets. The creator economy, enterprise video and content distribution markets are of huge scale and have attractive growth rates offering a massive opportunity bui...