By Laura Lutz
Des Moines, Oct. 17 - ReelTime Media Ltd. raised A$2.1 million from a private placement of shares.
The company sold 35 million ordinary shares at A$0.06 each to sophisticated and institutional investors.
The company also intends to complete a share purchase plan to offer an additional 64 million ordinary shares to existing shareholders and permanent salaried staff at A$0.066 per share, for proceeds of up to A$4.2 million.
Shareholders as of Oct. 16 may participate in the plan for up to A$5,000 each of ordinary shares, with a minimum subscription of A$500.
Proceeds from the placement and the share purchase plan will be used for working capital.
ReelTime is a broadband television service based in St. Leonards, Australia.
| Issuer: | ReelTime Media Ltd.
|
| Issue: | Shares
|
| Amount: | A$2.1 million
|
| Shares: | 35 million
|
| Price: | A$0.06
|
| Warrants: | No
|
| Announcement date: | Oct. 17
|
| Stock symbol: | Australia: RMA
|
| Stock price: | A$0.09 at close Oct. 17
|
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