The money will be used across the business, with £1.1m going into investment in inorganic growth opportunities, including M&A. £400,000 has been earmarked for further investment in B90’s own assets and £500,000 will be used for general working capital and fundraising expenses.
The issue price on the new ordinary shares will represent a 10% discount to the average price per share at business close on 12 September.
The fundraising shares will represent around 8.4% of the company’s enlarged share capital.
Alongside the fundraising, B90 has also served conversion notices to all existing convertible loan note holders. As a result, £4,546,352 loan notes with £180,398 of accrued interest will be converted into over 86 million new ordinary loan note shares.
The company has also confirmed it has completed the acquisition of Emwys AB, which specialises in PPC marketing on the Finnish market and also operates several white-label casinos with affiliate programmes. The balance is settled with €1.25m in cash with €1.6m in equity at the new share price.
Back in August, B90 announced the appointment of Andrew Mclver as a non-executive director and Farzad Peyman as chief finance and M&A development officer.