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TV2U has received commitments of $1.94 million through a successful placement to accelerate the Company’s
next phase of growth
Offer price of 3 cents per new share under the placement
The placement to institutional and sophisticated investors was oversubscribed and had to be scaled back
Proceeds from the placement will be used to increase resourcing to enable TV2U to pursue a number of
short-term opportunities and for working capital
Eligible shareholders will be entitled to participate in a one-for-four entitlement offer of options
TV2U International Limited (ASX: TV2, “the Company”) is pleased to announce it has received commitments of
$1.94 million through a successful share placement to institutional, professional and sophisticated investors to accelerate
the Company’s next phase of growth. The Company will have a cash balance of $3.1 million post capital
raise.
Pursuant to the Placement, the Company will issue 64.8 million new shares at 3 cents per share. In addition, the
Company will issue up to 32.4 million options under the Placement at a nominal issue price. The Company had to
scale back the Placement, having received bids that were well in excess of the required amount for the capital raise.
Funds from the Placement will be used for new hires for the research and development team, which will enable
TV2U to more rapidly pursue a number of short-term opportunities the Company has been working on since listing.
The balance will be applied towards working capital.
The Company intends to release the prospectus for its one-for-four entitlement offer of options to existing shareholders
on 30th May, 2016. The entitlement offer will be offered to shareholders registered on the record date of the
entitlement offer with a registered address in Australia or New Zealand and is intended to reward them for their ongoing
support. The entitlement offer will be offered on the basis of one new option for every four shares held as at
the record date of 8 June 2016.
Each option issued pursuant to the entitlement offer will be exercisable at 4 cents on or before 30 March 2019. Investors
who subscribed under the placement will also be entitled to participate on the same terms.
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