LONDON (ShareCast) - (Sharecast News) - Digital music rights company One Media iP Group has conditionally raised £6.04m, it announced on Tuesday, to fund the acquisition of exclusive rights.
The AIM-traded firm said the raising was via a firm placing of 20,284,000 new shares and a conditional placing of 66,058,550 new shares at a price of 7p each, with new and existing investors.

It noted that the placing price was a 3.4% discount to the closing mid-market price of 7.25p on 17 August.

The placing shares would represent 38.9% of the enlarged share capital.

One Media iP said the net proceeds of £5.6m would be used to fund the acquisition of exclusive rights to create and expand its digital assets over a portion of copyrights in performance and writers shares, primarily through the Harmony iP asset release programme.

"To have such a heavily oversubscribed fundraising, which also brings a significant number of new high-quality investors onto the register, is extremely pleasing," said chief executive officer Michael Infante.

"The level of demand for the placing reflects the confidence existing and incoming investors have in One Media's Harmony iP model and the ongoing strategy to capitalise on a market benefiting from significant tailwinds."

At 1023 BST, shares in One Media iP Group were up 0.21% at 7.26p.

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