In a move designed to raise up to $700,000, Crowd Mobile (ASX:CM8) has issued an offer to shareholders in Australia and New Zealand to purchase shares limited to $15,000 in value at a discounted issue price of $0.038 per share.
Just yesterday, Crowd Mobile said it was continuing to shift its focus towards the growing social media marketing industry, as it released results projecting first half revenues of $1.25 million for FY19 – and positioning the company in high growth areas in the market for its Media, Subscription and Q&A business divisions.
Yesterday the company said it was currently undertaking an operational transition to focus on its core strength in social media marketing, and that the transition would allow it to leverage synergies across all three of its divisions — Media, Subscription and Q&A — and give it a clear positioning in a high growth area.
In its Share Purchase Plan (SPP) announced on Thursday, Crowd mobile said it would raise funds to be used to strengthen the company’s balance sheet and pay down some further debt.
In an ASX statement, Crowd Mobile said the directors of the company had each committed to apply for their maximum entitlements under the SPP.
Shares issued under the SPP will rank equally with existing shares of Crowd Mobile.