BetMakers Technology Group recorded a 7 per cent rise in its share price on Tuesday after the company announced an oversubscribed share purchase plan.
The share purchase plan (SPP) sought to raise up to AU$1.0 million at an issue price of $0.10 per fully paid ordinary share, with the plan receiving valid applications totalling $1.2 million.
As a result, a total of 12,000,000 shares were allotted and issued under the SPP today and will begin trading on the Australian Stock Exchange on Wednesday.
The SPP adds to the $12.5 million institutional placement announced on 5 June and gives BetMakers $13.7 million in funds, which will be used to repay all outstanding debt, fund the proposed acquisition of Las Vegas Dissemination Company, and to fund content and access agreements, including payments in relation to fixed-odds horse racing wagering in New Jersey.
Shares in BetMakers Technology Group Limited (ASX:BET) gained 7.14 per cent to close at $0.11 per share in Sydney Tuesday.