Business & Finance |
Jane Morgan Managament

TOPBETTA CLOSES $9M PLACEMENT TO ACCELERATE BUSINESS GROWTH STRATEGY

Highlights 

  • TBH received commitments for approximately $9M at 42 cents per share from sophisticated and institutional investors 
  • Funds raised to be used for: 
    • Acceleration of the roll-out of The Global Tote with full race coverage and wagering product offering
    • On-boarding of local and international B2B bookmakers to The Global Tote 
    • Launch of The Global Tote into the UK and European markets 
    • Additional staff resources for development and technology teams
    • Expansion of the wholesale and retail businesses into the US market

The Board of TopBetta Holdings Limited (ASX:TBH) (“TBH” or the “Company”) is pleased to announce that the Company has received firm commitments to raise approximately $9M (before costs) at 42 cents per share from sophisticated and institutional investors (“Placement”).

The Placement is expected to be completed within 5 business days and will be issued without disclosure under the Company’s placement capacity under ASX Listing Rules 7.1 and 7.1A.

Funds received will assist the Company’s Alderney-based subsidiary, The Global Tote Limited (“TGT”), to:
  • accelerate the roll-out of The Global Tote product with full race coverage and wagering product offering;
  • on-board local and international B2B bookmakers;
  • launch The Global Tote product into UK and European markets;
  • on-board additional development and technology resources; and
  • expand its wholesale business into the US market,
  • and assist TopBetta Pty Ltd (“TopBetta”) to expand its retail businesses into the US market.
The Company’s CEO Todd Buckingham commented: “We have recently announced the US and UK licencing approvals for TopBetta and TGT, as well as the successful launch of The Global Tote by TGT in May 2017. By completing a Placement at this time, the Company will be able to capitalise on the international opportunities and also accelerate the roll-out of TGT’s The Global Tote with full coverage of race meetings and product offerings.”
 
Canaccord Genuity (Australia) Limited (“Canaccord”) acted as lead manager and bookrunner to the Placement, and Taylor Collison Limited (“Taylor Collison”) acted as co-manager. In consideration for Canaccord’s and Taylor Collison’s services, the Company has agreed to pay a total cash fee equal to 5% (plus GST) of the gross proceeds of the Placement. 

 

For further information, please contact:

Jane Morgan

Investor & Media Relations

investors@topbetta.com

+ 61 (0) 405 555 618


 

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