Adslot Limited
(ASX:ADJ) has completed a $4.6 million share placement to institutional and sophisticated investors.
The placement consists of just over 57 million ordinary shares at 8 cents per share and represents a discount of approximately 7.6 percent to the volume weighted average price for the 30-day period immediately prior to the raising.
The placement will be conducted in one tranche utilising the company’s 15 percent capacity.
The funds raised will be utilised as growth capital in support of new business opportunities, to accelerate the completion of certain new product features as well as strengthening the balance sheet and providing additional working capital.
Adslot recorded a net loss of $4.15 million at 31 December 2015.
