International internet venture investment and development firm Fatfish Internet Group Limited (ASX Code: FFG) has raised $5.4 million through a successful Placement to a number of professional and sophisticated investors.
The Placement will be completed in two tranches with Tranche 1 consisting of 88,000,000 new ordinary shares to be issued immediately while Tranche 2 consisting of 20,000,000 new ordinary shares will be issued subject to shareholder approval at an extraordinary general meeting which is expected to be convened by the company in January 2018.
A portion of the funds raised will be invested into the Kryptos-X cryptocurrency exchange project announced previously. The company’s Swedish subsidiary Fatfish Global Ventures A B (publ) is also expected to contribute a part of the investment into the Kryptos-X project.
Fatfish said the remainder of the funds raised will ensure that the company’s current working capital requirements are met for the near future and will accelerate potential growth to build shareholder value in other emerging opportunities in the technology areas that the company is working on.
Foster Stockbroking Pty Ltd acted as Sole Lead Manager to the Placement.