- Audioboom has conditionally raised £2.55 million through the issue of 102,200,000 new ordinary shares at 2.5 pence each to new and existing investors to fund working capital and acceleration of the growth in the business.

Audioboom has raised £2.55 million through a conditional placing of 85,000,000 new ordinary shares and a conditional subscription for 17,200,000 new ordinary shares, together with the placing shares, in each case at 2.5 pence apiece.

The new ordinary shares will represent approximately 16% of the enlarged share capital and the net proceeds of will be used for

- working capital: approximately £900,000

- technical development: approximately £1.2 millio

- content acquisition and creative initiatives: approximately £250,000

The placing and subscription are subject to shareholder approval at an extraordinary general meeting on 22 August.

At 8:17am: [LON:BOOM] Audioboom Group share price was -0.13p at 2.5p

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