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.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.