Australian wagering market technology supplier BetMakers Technology has raised AU$1.2 million ($788,636) through a share purchase plan (SPP), after strong demand from eligible shareholders pushed the offer above its original AU$1 million target ($645,530).
The offer closed on Tuesday, July 1st, and allowed shareholders to buy new shares at AU$0.10 ($0.064) each—the same price as BetMakers’ earlier AU$12.5 million ($8,054,222) institutional placement announced on June 5th.
Due to the oversubscription, the company increased the SPP limit to AU$1.2 million ($788,636) and accepted nearly all valid applications.
A small scale-back of AU$2,500 ($1,612) was applied, based on factors such as how many shares applicants held on the record date, any recent share trading, and whether applicants had multiple accounts.
A total of 12 million new shares will be issued, with these shares equal to existing shares in all respects and are expected to begin trading on the ASX on Wednesday, July 9th.
With the funds raised from both the SPP and the institutional placement, BetMakers has secured a total of AU$13.7 million ($8.8 million), with the money to be used to repay all outstanding debt; support content and access agreements, including costs tied to its New Jersey Fixed Odds business; and help fund the potential acquisition of Las Vegas Dissemination Company, Nevada’s only parimutuel wagering service provider.
