FFG's iCandy completed placement - massively oversubscribed

This is massive - FFG shall enjoy a re-rate. It holds 51% of ICI before to the capital raising. ICI share price has gone up 33%

15 September 2020

Completion of A$1.25 million Capital Raising In Heavily Over-Subscribed Placement

Highlights:

• iCandy raises A$1.25 million at A$0.02 per ordinary share, in a heavily over-subscribed placement
• There was in excess of A$5 million bid for iCandy shares from a number of funds, sophisticated investors and existing shareholders
• iCandy’s existing shareholders include Baidu (China’s top-3 internet company), leading Japanese VC Incubate Fund, Animoca Brands and GMGC
• Leading Melbourne boutique firm, Peak Asset Management acted as Lead to the placement

iCandy Interactive Limited (ASX: ICI) (“iCandy”, the “Company”) is pleased to announce that
it has successfully completed a A$1.25 million capital raising (before costs) of 62,500,000 new
fully paid ordinary shares in the Company (“New Shares”) to sophisticated investors and existing
shareholders at A$0.02 per New Share (the “Placement”), utilizing the Company’s available
Placement capacity under ASX Listing Rule 7.1 and 7.1A. 55,158,817 fully paid ordinary shares
would be issued under ASX Listing Rule 7.1 and 7,341,183 fully paid ordinary shares would be
issued under ASX Listing Rule 7.1A.

The Placement received strong support, with more than A$5 million in bids. The management’s
initial plan was to raise A$1 million, but increased the Placement amount by 25% due to the
positive response from the market.

iCandy chairman Kin W. Lau commented “We are extremely pleased with the overwhelming
response for the placement. This demonstrates that there is huge confidence in iCandy leading
into the launch of our next suite of games. With the fresh capital, iCandy is now better
positioned to expand our mobile gaming and esports business and drive new marketing
initiatives in Australia and Asia.”

Investors who subscribed to the Placement will receive 1 free attaching option (“Option”) for
every 1 New Share, subject to the approval of iCandy’s shareholders at an extraordinary
general meeting to be held. The Options have an exercise price of A$0.025 and will expire on
31 December 2022.

Numerous existing sophisticated iCandy shareholders also participated in this Placement.
iCandy’s existing shareholders include Baidu (China’s top-3 internet company), Incubate Fund
(one of Japan’s leading early-stage VC fund that includes LPs like Tencent and Sega),
Animoca Brands and GMGC.

Melbourne boutique investment firm, Peak Asset Management acted as Lead to the
Placement. Peak Asset Management would receive 6% of the total amount raised as
commission and would receive 8,000,000 unlisted options as Broker Options, subject to the
approval of iCandy’s shareholders at an extraordinary general meeting to be held. The Options
have an exercise price of A$0.025 and will expire on 31 December 2022.

This announcement has been authorized by the Board of Directors of iCandy.

iCandy – Proudly Ranked 25thof Australia’s Fastest Growing
AFR Fast100 Australia 2020