Global Megastar talent show developer MSM Corporation International Limited (ASX: MSM) has completed a placement to institutional and sophisticated investors to raise $3.4 million.
The Placement was supported by new and existing institutional investors. The issue price of $0.15 per share is a 3.5% premium to the closing price on 16 November 2017.
The funds from the Placement will be used for:
MSM Managing Director, Dion Sullivan said that with the finals for this global, mobile-first talent competition upon us and the engagement levels exceeding expectations MSM is in a great position to take the Megastar competition to the next level.
“The injection of funds through this Placement enables us to optimise the Megastar App to continue to drive Megastar’s excellent engagement numbers. We have developed a great brand and value proposition for performers.
“Having established an engaged user base, there is an opportunity to rapidly drive scale.”
Canaccord Genuity (Australia) Limited acted as Lead Manager and bookrunner to the Placement.