The Australian company Two Way Limited has successfully raised $400K through a placement of the company’s shares in order to allow the company to fund the expansion of its TV wagering services nationwide.
Specifically, the company was able to raise the capital by a placement of 13.3 million shares at 3c per share to sophisticated and professional investors. The company will also offer a share purchase plan (SPP) for eligible shareholders. The issue price will be 3c and the SPP will be capped at $600,000.
This move shows the importance Two Way has placed on its TV wagering services which have showed promise. The company reports that growth through this service continues to be strong, with turnover and revenue increasing by 38.5 per cent in the Q3 compared with the same period of last year.
Now with much of capital necessary, it’s full speed ahead, the service in Western Australia is already on track for early 2011 as regulatory approval has been received and the binding contract has been signed. Two Way fully expects the stamping of a national identity for its TV wagering service to result in a significant increase in revenues.