XLMedia share placing raises £31.7m

XLMedia has raised approximately £31.7m (€35.7m/$43.7m) via a conditional placing of 16 million ordinary shares.

The shares represent around 7.8% of the company’s current issued share capital.

Completion of the placing remains conditional on a number of factors, including admission of the trading shares on AIM, although XLMedia expects this process to go ahead on January 22.

Should the placing and admission proceed as expected, XLMedia has also agreed, inter alia, that it will not issue any further shares for cash for a period of 90 days following admission, without consent.

Ory Weihs, chief executive of XLMedia, said: “We are delighted to have received such strong support from both existing and new shareholders as we continue to see a significant opportunity to grow XLMedia both organically and through acquisition.

“This fundraising will enable us to fully capitalise on acquisition opportunities we have identified in key verticals.”

Confirmation of the placing comes after XLMedia this week also announced that it has agreed a deal to acquire various Finnish gambling related informational websites from Good Game for €15m.

Related article: XLMedia purchases websites from Good Game