XL Media (LON:XLM) confirmed the successful placing of 16,000,000 new shares on Wednesday, sending its share price down over 3 percent.
The company proposed the share placing on Tuesday and confirmed its success this morning. XL Media has conditionally placed 16,000,000 Ordinary Shares at a price of 198 pence per Ordinary Share, raising gross proceeds of approximately £31.7 million. The Placing Shares represent approximately 7.8 percent of the Company’s current issued share capital.
Chief Executive Officer of XLMedia, Ory Weihs, said of the placement:
“We are delighted to have received such strong support from both existing and new shareholders as we continue to see a significant opportunity to grow XLMedia both organically and through acquisition.
“This fundraising will enable us to fully capitalise on acquisition opportunities we have identified in key verticals.”
The announcement was the second big piece of news to come from the company this week, after they announced the acquisition of leading Finnish gambling information company Good Game for €15 million on Monday. The acquisition is expected to have an immediate positive impact on full-year earnings.
XLMedia shares are currently trading down 3.16 percent at 198.52 (0958GMT).