Placement to Raise $2,100,000
Melbourne, May 30, 2022 AEST (ABN Newswire) - Crowd Media Holdings Limited (
ASX:CM8) (CM3:FRA) is pleased to announce it has received firm commitments to raise $2,100,000 (before costs) via a share placement to institutional, sophisticated and professional investors.
PLACEMENT
CM8 has received firm commitments to complete a capital raising through the issue of 70,000,000 new fully paid ordinary shares ("Shares") at A$0.03 per Share ("Offer Price") to be undertaken in two tranches to raise $2,100,000, with attaching options on a 1:1 basis exercisable at $0.06 expiring 24 months after issue ("Offer").
Tranche one of the placement comprising 50,000,000 fully paid shares will fall within the Company's 10% placement capacity under ASX Listing Rule 7.1A. ("Tranche 1"). The shares are to be issued at $0.03 per share representing a 10.18% discount to Crowd's 15-day VWAP.
50,000,000 attaching options will be issued under ASX Listing Rule 7.1. The options will apply for listing at a later date, subject to ASX criteria being met.
Tranche two of the placement comprising 20,000,000 shares and 20,000,000 options will be issued subject to shareholder approval at a general meeting of shareholders expected to take place in July 2022 ("Tranche 2").
Crowd's directors have agreed to subscribe for 10,000,000 fully paid shares and 10,000,000 options, subject to shareholder approval, under ASX Listing Rule 10.11 on the same terms and conditions.
A further 10,000,000 new Shares at A$0.03 per Share will be issued to Mr Roger and Mrs Erica Blake to raise $300,000, with attaching options on a 1:1 basis exercisable at $0.06 expiring 2 years from the issue date, subject to shareholder approval. Mr and Mrs Blake are related parties of the Company for the purposes of the ASX Listing Rules as they are the parents of Non- Executive director Mr Matthew Blake.
EverBlu acted as Lead Manager to the placement and will receive a 6% fee and 42,500,000 broker options exercisable at $0.06 expiring 2 years from the issue date. The broker options will be issued under ASX Listing Rule 7.1.
The funds will be used towards:
- Development of the Talking Head technology;
- Sales and marketing;
- Working capital.
About Unith Ltd
Unith Ltd (ASX:UNT) is a leading digital human brand. It unifies the research and development of facial movement deep learning, audio machine learning, and conversational design (NLP) to generate the first customizable, interactive avatar of its kind.
Businesses can create their own digital humans to immerse, assist, and educate customers in real time and in multiple languages, all through one full stack platform. For further information, please visit: unith.ai
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