BetMakers has raised a total of A$13.7m (£7m) following the completion of its share purchase plan, with the capital to be used to repay outstanding debt among other priorities.
The purchase plan, which originally sought to raise up to A$1m, was oversubscribed after being “strongly supported”, the ASX-listed supplier said.
As a result, the purchase plan returned a total of A$1.2m at an issue price of A$0.10 per fully paid ordinary share.
BetMakers said a total of 12 million shares will be allotted and issued as part of the plan today, 8 July.
The share purchase plan raise comes following BetMakers’ A$12.5m placement to institutional investors which took place at the start of June.
The company’s president, Matt Davey, committed A$1m of that total as part of the placement.
BetMakers said any raised capital would be predominantly deployed across four key pillars: repaying all outstanding debt, improving working capital, funding a potential acquisition of Las Vegas Dissemination Company and funding content and access agreements.
Las Vegas Dissemination Company is the only provider of pari-mutuel wagering services in Nevada, according to BetMakers.
At the time of the placement announcement, BetMakers CEO Jake Henson said: “We are pleased with the strong support shown for the company by both our existing shareholders and new institutional investors.
“Importantly, this capital raise ensures that BetMakers is well funded to pursue both organic and inorganic growth opportunities.
“With a strengthened balance sheet, extinguished debt and additional working capital funding, we are well positioned to execute on our strategic objectives.”
BetMakers share price was up more than 7% at the time of writing.
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Australian supplier completes A$1.2m purchase plan to augment the previously raised A$12.5m via a placement to institutional investors in June
The post BetMakers closes share purchase plan to take capital raise to A$13.7m first appeared on EGR Intel.