Animoca Brands raises $6.5 million from share placement

Animoca Brands has raised $6.5 million (AUD/$4.9m USD) from a placement of 32.5 million ordinary shares.

The shares were priced at $0.20 (AUD), which was 2.4 per cent lower than the price when the market closed on April 6. According to a statement released by Animoca today, the placement was "oversubscribed" due to, "considerable support from sophisticated and professional investors and well-known institutions whose offers had to be scaled back."

Animoca also acknowledged its position in the, "mobile gaming and children's mobile entertainment sectors," which are regarded favourably by investors, as contributing factors.

"With this funding we're well positioned to expedite the development of our e-books in partnership with Mattel, and continue to increase our app portfolio and user base as we seek further advertising revenue opportunities," said Animoca CEO Robby Yung. "We continue to seek out opportunities to acquire brand licenses and technology, and with this funding in place we will be able to broaden both our IP portfolio and take advantages of opportunities as they arise."

Animoca has been very active in sourcing more capital over the last 12 months. In July 2015, it inked a $2.3 million stock deal with Ourpalm, which included the option for another $5 million purchase further down the line. At the close of 2015 it raised another $3.4 million from another share placement.