Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Crowd Media’s (CM8) directors withdraw their participation in a $2.1 million placement, which was seeking to raise money for the company’s Talking Head platform
  • The company cites a lack of support from conversations with large shareholders as the reason for the withdrawal
  • Under the placement, the directors had indicated their intention to subscribe for $300,000 worth of shares, subject to shareholder approval
  • Shares in Crowd Media had slid 9.52 per cent to 1.9 cents as of 10:37 am AEST

Crowd Media’s (CM8) directors have withdrawn their participation in a $2.1 million placement, which sought to raise money for the company’s Talking Head platform.

The company cited a lack of support from conversations with large shareholders as the reason for the withdrawal.

Under the placement, the directors had indicated their intention to subscribe for $300,000 worth of shares, subject to shareholder approval.

The company said the funds would be directed towards its artificial intelligence Talking Head platform, as well as sales and marketing expenses.

Shares under the placement were to be issued at 3 cents each, representing a 10.18 per cent discount to the 15-day volume-weighted average price (VWAP) at the time of launch.

However, the share price has slipped roughly 40 per cent since this time.

Shares in Crowd Media had slid 9.52 per cent to 1.9 cents as of 10:37 am AEST.

CM8 by the numbers
More From The Market Herald
Cavalier Resources (ASX:CVR) - Executive Technical Director, Daniel Tuffin

" Cavalier Resources (ASX:CVR) begins PFS at Crawford

Cavalier Resources (ASX:CVR) has begun a pre-feasibility study (PFS) at the Crawford Gold Project within the…
Ten Sixty Four (ASX:X64) - Outgoing Managing Director, Paul Ryan Welker

" Ten Sixty Four (ASX:X64) terminates services agreement of former MD, Paul Ryan Welker

Ten Sixty Four (ASX:X64) has terminated the executive services agreement of former Managing Director Paul Ryan…

" M3 Mining (ASX:M3M) identifies drill targets at Edjudina

M3 Mining (ASX:M3M) has identified prospective gold-in-soil anomalies at the Edjudina gold project 150 kilometres northeast…

" Good Drinks Australia (ASX:GDA) commences the sale of Molson Coors and Magners

Good Drinks Australia (ASX:GDA) begins to sell the Miller Chill, Miller Genuine Draught, Coors, Molson Canadian…