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iCar Asia raises $3.5M to drive growth

iCar Asia raises $3.5M to drive growth

iCar Asia (ASX:ICQ) has raised $3.5 million through an oversubscribed 1 for 44 non-renounceable entitlement offer of shares priced at $0.65.

It previously raised $11.5 million through a placement of 17.7 million shares to select institutional investors.

Proceeds from the placement and entitlement offer will be used for:

- Delivery of new consumer targeted mobile apps to further grow the company’s market leadership positions and quality lead volumes;
- Delivery of new, automotive manufacturer advertising products which are designed to increase the company’s share of the online new car advertising market;
- Launch of a ‘Cost Per Lead’ product, enabling the company to participate in used car market commission revenues; and
- Marketing programs to support new product releases and regional expansion in existing markets.

 

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July 01 2015
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February 04 2013

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