OtherLevels raises funds for expansion

Australia-based digital marketing platform OtherLevels has generated Aus$3.2 million (€2.1 milion/US$2.4 million) through a placement to institutional and sophisticated investors.

The placement will feature the issue of 22.9 million shares at a price of Aus$0.07 for each placement share.

OtherLevels said that the new placement shares will rank equally with existing ordinary shares.

Brendan O’Kane, chief executive and managing director of OtherLevels, said: “The placement is a vote of confidence in OtherLevels from the institutional and sophisticated investor community.

“We look forward to using the funds raised to continue to support OtherLevels’ growth and expansion.”

Meanwhile, the company has also entered into an agreement with Richard Hannebery to raise Aus$1.6 million through a subscription of shares.

The subscription will include the issue of 20 million shares at a price of Aus$0.08 for each subscription agreement share, with the settlement date confirmed as October 28 this year.

OtherLevels said that it will use these two sets of additional funds to support the expansion and growth of its sales activities, strengthen commercial and contract capabilities, continue to grow its ‘Partner Program’, further develop the firm’s digital messaging platform, provide more working capital to meet its operating needs, as well as fund costs associated with the placement.

Related article: OtherLevels names Harding-Smith as new CFO