- Jaxsta (JXT) raises funds to the tune of $2.5 million through a share placement
- The company issued around 41.6 million shares to investors at 0.6 cents each
- Proceeds will go towards the Jaxsta Plus marketing campaign and new features
- Shares in the company are in the grey at 6.3 cents each at 11.14 am AEST
Sydney-based music credits database Jaxsta (JXT) has raised funds to the tune of $2.5 million through a share placement.
The company issued around 41.6 million shares to sophisticated and professional investors at 0.6 cents each, representing a five per cent discount to its close price on September 21.
JXT said it would put the proceeds towards the rollout its Jaxsta Plus marketing campaign and develop new features in the service.
JXT CEO and Co-Founder Jacqui Louez Schoorl commented on the raise.
“The demand for the placement was exceptional and gives us the resources to continue the path after our recent relaunch of Jaxsta Pro,” she said.
“We have an exciting road ahead to get users and partners involved in the growth of the service.”
Settlement is anticipated to occur on September 27, with placement shares to begin trading on the following day.
Shares in the company were in the grey at 6.3 cents each at 11:14 am AEST.