Additional subscription to raise a further £0.5m

RNS Number : 8634B

Audioboom Group PLC

07 April 2017

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR").

 7 April 2017

Audioboom Group plc

("Audioboom" or the "Company")

Additional subscription to raise a further £0.5m

Audioboom Group plc (AIM:BOOM), the leading spoken word audio on-demand platform, is pleased to announce that it has conditionally raised a further £500,000 by way of an additional subscription of 20,000,000 new ordinary shares with a new institutional VCT investor. All shares issued pursuant to the subscription will be issued at a price of 2.5 pence per new ordinary share.

Application will be made for 20,000,000 ordinary shares, which will rank pari passu with existing ordinary shares in the Company, to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00am on 12 April 2017, following which the total number of ordinary shares and voting rights in the Company will be 916,551,689. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Rob Proctor, CEO of Audioboom, commented: "We are delighted to announce this further investment from a new, single institution. This £0.5m investment, coupled with the £4.0 million raised recently, will enable us to accelerate the growth and development of Audioboom."

Enquiries:

Audioboom Group plc	[phone]
Rob Proctor, Chief Executive Officer
David McDonagh, Chief Financial Officer
Allenby Capital Limited (Nominated adviser and broker)	[phone]
David Hart/James Thomas/Asha Chotai
Walbrook PR Ltd (PR & IR Advisors)	[phone]
Paul Cornelius/ Sam Allen	or [e-mail]

About Audioboom  

Audioboom is the leading spoken‐word audio platform for hosting, distributing and monetising content.

Audioboom works with more than 3,000 active broadcasters, content creators and podcasters around the world ‐ including Cumulus, the BBC, NewsCorp, Associated Press, NBC Sports Radio, Undisclosed and Global ‐ hosting more than 10,000 content channels.

Audioboom's hosting and distribution platform allows partners to embed, share via social channels and re‐syndicate their content. Audioboom content receives approximately 50m unique file requests per month, and growing.  Additionally, Audioboom works with its partners to monetise their audio via live in‐reads, the dynamic insertion of pre and post roll audio adverts, and video ads.

 

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