engage:BDR (ASX:EN1) to raise over $2.1M via placement

• Digital advertising company engage:BDR (EN1) has received firm commitments to raise over $2.1 million via a placement
• More than 293 million fully paid ordinary shares will now be issued to sophisticated and professional investors at a price of 0.73 cents each
• The shares are expected to be issued on or around August 14, and will rank equally with existing shares in the company
• engage:BDR will use the money to retire amortising convertible notes, with discussions to be undertaken with Alto Opportunity
• Company shares are up 6.25 per cent and are currently trading for 0.9 cents each

Digital advertising company engage:BDR (EN1) has received firm commitments to raise $2.14 million via a share placement.

The company entered a trading halt on Friday last week in regards to the placement, but did not state at the time how much it would be raising or what the funds will be used for.

engage:BDR has now revealed a total of 293,921,246 fully paid ordinary shares will be issued to sophisticated and professional investors at a price of 0.73 cents each.

This price represents an 8.75 per cent discount to the company last trading price.

The shares are expected to be issued on or around August 14 and they will all rank equally with existing shares in the company.

engage:BDR will use the money to retire amortising convertible notes, and discussions will be undertaken with Alto Opportunity Master Fund SPC – Segregated Master Portfolio B to complete this.

Company shares are up 6.25 per cent and are trading for 0.9 cents each at 1:10 pm AEST.