One Media News
One Media raises £6.04 million to fund the acquisition of exclusive music rights
19 August 2020
One Media is delighted to announce that it has conditionally raised £6.04 million by the way of a firm placing of 20,284,000 new Ordinary Shares and a conditional placing of 66,058,550 new Ordinary Shares at 7.0p per Ordinary share.
The funds will be used by the Company to buy copyrights in performance and writers shares, primarily through its Harmony IP asset release program.
The conditional placing is conditional upon Shareholder approval at the General Meeting of the Company, which will take place electronically at 11:00am on 4 September 2020.
One Media CEO, Michael Infante, commented: “To have such a heavily oversubscribed fundraising, which also brings a significant number of new high-quality investors onto the register, is extremely pleasing. 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.
During the recent months the health and safety of our staff and stakeholders has been of paramount importance. The entire One Media team has been working harder than ever on a remote basis and I would like to thank everyone for their exceptional work throughout. The outlook is certainly exciting and we are looking forward to taking the business to the next level.”