viewengage:BDR Ltd

engage:BDR placement raises $2.37 million and launches SPP to raise up to $1 million

The company will use the funds raised from the placement and the SPP to drive growth in CTV (Connected TV) Advertising and working capital.

engage:BDR Ltd - Engage:BDR placement raises $2.37 million with potential to raise up to $1 million via SPP
A total of 430,888,917 placement shares will be issued on or around December 1, 2020

engage:BDR Ltd (ASX:EN1) has received firm commitments to raise around $2.37 million via the placement of 430,888,917 fully paid ordinary shares at 0.55 cents per share.

The new shares are proposed to be issued to professional and sophisticated investors only, on or around Tuesday, December 1, 2020, subject to receipt of funds by Monday, November 30, 2020, and will rank equally with existing fully paid shares of the company.

The issue price represents an 31.25% discount to last traded price and a 17.17% discount to the 15 Day VWAP.

Share purchase plan

The company has also offered eligible shareholders an opportunity to subscribe for new fully paid ordinary shares by way of a share purchase plan (SPP) on the same terms as the institutional placement.

Under the SPP, each eligible shareholder who held shares in the company at the record date of 7.00pm (Melbourne, Australia time) on Tuesday, November 24, 2020, will be entitled to acquire up to $30,000 of SPP shares without brokerage.

The minimum SPP subscription will be $2,000 and subscriptions in increments of $1,000 up to the $30,000 maximum will be accepted.

The SPP is capped at $1 million and no oversubscriptions will be accepted.

Shareholder approval is not required for the SPP and the SPP will not be underwritten.

The indicative timetable for the SPP

Driving growth

Funds raised from the placement and SPP will be utilised to drive growth in CTV (Connected TV) Advertising and working capital.

The company recently signed five new programmatic customers – ad buyers LoopMe, Sonobi and AdMixer; programmatic publisher VRTCALL and video streaming platform TikiLIVE TV - with the new integrations on-track to be live by the end of this month.

Through integrations (openRTB) into EN1’s programmatic ad exchange, LoopMe, Sonobi, Admixer and VRTCAL will buy and sell mobile apps and connected TV (CTV) advertising inventory.

Quick facts: engage:BDR Ltd

Price: 0.006 AUD

Market: ASX
Market Cap: $15.41 m

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