TopBetta has received commitments to raise approximately US$9m, at 42 cents per fully paid ordinary share, from investors.
The investment, known as a placement, is expected to be completed within five business days. A total of 8,129,909 fully paid ordinary shares will be issued under ASX Listing Rule 7.1 and 13,315,772 fully paid ordinary shares will be issued under ASX Listing Rule 7.1A.
Funds received will assist the company’s Alderney-based subsidiary, The Global Tote, in launching in UK and European markets, accelerating the roll-out of its full race coverage and wagering product, and expanding wholesale business into the US market.
The company’s CEO Todd Buckingham said: “By completing a placement at this time, the company will be able to capitalise on international opportunities and also accelerate the roll-out of TGT’s The Global Tote with full coverage of race meetings and product offerings.”
