B90 announces £2m in fundraising and completes acquisition of Emwys
The company has completed its fundraising efforts and closed the acquisition of the previously announced Swedish marketing company.
Fundraising
Operator and affiliate B90 Holdings has raised £2m ($2.5m) through the placing and subscription of 36,731,551 new ordinary shares at a price of around £0.05 each.
The £2m in funds will be processed into three main avenues, each covering a slightly different aspect of the business.
Out of the total £2m, just over half at £1.1m will be used to invest into inorganic growth opportunities, which are often mergers, acquisitions and partnerships.
A further £0.4m will be invested into B90’s own assets, which could include its sports betting brands Bet90, Spinbookie and Oddsen.nu.
The final £0.5m will be put towards general working capital and expenses accrued from the fundraising efforts.
Emwys Acquisition
B90 has also completed its acquisition of Emwys AB today, a Swedish-based marketing company in the online gambling sector, that operates using a pay-per-click model.
When this announcement was released on 12 July, Ronny Breivik, Executive Chairman of B90, said: “The acquisition of Emwys presents substantial opportunities for B90. It is a step change for our business both in terms of scale and operations.
“By acquiring new knowledge and investing in this proven marketing concept, we aim to drive strong revenue growth, whilst continuing to generate profits from our existing marketing operations.
“This is an important first step in our ‘buy and build’ M&A strategy.”
The balance has been settled at €1.25m ($1.33m) in cash alongside €1.6m in equity, which has been agreed upon with Funko International to be 25,271,203 ordinary shares.
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