TV2U International Ltd (ASX:TV2) will use $1.5 million raised in a placement to advance its OTT (over-the-top) TV and entertainment streaming service in Brazil and Indonesia.
The placement was made to sophisticated investor Cancun Trading Pty Ltd at 1.43 cents per share.
Shares were up 25% to 1.5 cents in early trade. READ: TV2U International signs deal to grow its over-the-top broadcasting reach in Brazil
Nick Fitzgerald, chairman and CEO, said: “The projects in Brazil and Indonesia are progressing well and we have a range of other opportunities that have become available.
“By accepting this investment, the company now has sufficient funds to consider these opportunities.”
TV2U provides a ‘White Labelled’ TV and entertainment managed service from the cloud.
This lowers the barriers of market entry and operator risk by reducing the need for high upfront capital Investment or big-ticket operational overheads. SaaS integrates seamlessly
Its modular SaaS (software as a solution) integrates seamlessly into an existing operator’s platform and workflow, bringing management, security, control and delivery efficiency over any network to any device.
The company will issue the 105 million fully paid ordinary shares as part of its capacity under ASX Listing Rule 7.1, with settlement to occur immediately.
Fitzgerald said: “We have been able to negotiate a premium of about 20% on the current price which indicates the investors' strong support for the company and its projects.”
TV2 Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
