Business
Placing of shares to raise £6.25 million
Placing of shares to raise £6.25 million.
About this update from Gfinity Plc
[{"type":"text","content":"\n \nRNS Number : 9864E Gfinity PLC 12 May 2017 \n\n \n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n12 May 2017\nGfinity plc\n(\"Gfinity\" or the \"Company\")\n \nPlacing of shares to raise £6.25 million\nChange to total voting rights\n \nGfinity plc (AIM: GFIN), a leading eSports business, announces a placing of 31,250,000 new ordinary shares of 0.1 pence each in the Company (\"Placing Shares\") at a price of 20 pence per share (the \"Placing Price\") to raise £6,250,000 before expenses (the \"Placing\").\n \nTransaction highlights\n \n· Oversubscribed Placing with new and existing institutional and other investors of 31,250,000 Placing Shares at 20 pence per share to raise proceeds of £6.25 million before expenses\n· The Placing Shares will represent approximately 16.56% per cent. of the issued share capital of the Company as enlarged by the issue of the Placing Shares\n· The net proceeds of the Placing will be deployed for additional working capital purposes and to: \no Launch the Gfinity Elite Series (\"Elite Series\") in the UK in summer 2017 and further establish its position as a leader in the eSports industry\no Develop proprietary software to create a new industry leading platform for automating eSports competition management\no Invest in personnel to further enhance Gfinity's highly-regarded team in the lead up to the launch of the Elite Series\no Invest in broadcast technology to further differentiate quality of Gfinity production from that of its competitors\n \nThe Placing was conducted by Allenby Capital Limited (\"Allenby Capital\").\n \nNeville Upton, Chief Executive Officer of Gfinity, said: \"I'm delighted to announce this oversubscribed Placing, reflecting support from both new and existing shareholders and the success of the Gfinity management to date in establishing a leading brand in the fast-growing eSports sector. These new funds will allow Gfinity to further inv...