SNK
16/09/2015 14:29
GENERAL
PRICE SENSITIVE
REL: 1429 HRS Snakk Media Limited
GENERAL: SNK: Snakk signals $2m cap raise, move to NXT
SNK - MARKET UPDATE
16 September 2015
Snakk Media Limited Capital Raise and migration to the NXT Market.
Snakk Media Limited today announces that it intends to raise NZD$2.0 million
through a proposed capital raising offer expected within the next month. The
offer will be available to all NZ investors with a priority allocation
available to existing shareholders.
Snakk Group CEO Mark Ryan says: "Over the past nine months the operational
performance across key areas of the business has significantly improved. Our
cash-flow is better than expected, our gross margins have continued to rise,
and our cash usage has significantly decreased. All of this puts us in a
better position to achieve our goals with less funding."
The proceeds of the offer will provide Snakk with additional working capital
which will be used to assist it to achieve its strategic goals. In
particular, Snakk intends to apply the proceeds to accelerate its growth as
follows:
- recruit sales, marketing and technology staff to accelerate growth in
existing markets;
- expand further into new markets (especially in Southeast Asia) and
strengthen its market presence in Australia and New Zealand; and
- fund further investment into key technology partnerships and the
development of leading mobile advertising and marketing technologies.
Snakk will announce the terms of the offer once details have been finalised.
Snakk is currently working on the migration process that will see the company
migrate from the NZX Alternative Market to the NXT Market and mid to early
November is currently being targeted for migration. Migration to the NXT
Market is subject to Snakk meeting all of NZX's requirements relating
thereto.
By order of the Board
-ENDS-
Media
Julie Landry, 021 895 098, [email protected]
Investors
Malcolm Lindeque, Company Secretary, 021 464 392, [email protected]
www.snk.co.nz, www.twitter.com/snakkmedia
About Snakk Media Ltd
NZAX-listed Snakk Media helps brands find and reach consumers using apps,
games and social media on their smartphones, tablets and other smart screens.
The company generates revenue every time it successfully targets and delivers
an ad across its networks of mobile websites, apps and games. The ads are
targeted to ensure the right audiences see them at the right time and place.
Snakk is one of the first public companies in the world that has met the
rigorous social and environmental performance standards required to become a
certified B Corporation.
End CA:00270244 For:SNK Type:GENERAL Time:2015-09-16 14:29:16
