- TopBetta to raise $1.5M at 16 cents per share from sophisticated and institutional investors
- Week one of Global Tote delivers good first week results with $700k in turnover on limited race meetings
TopBetta has received firm commitments to raise $1.5M (before costs) at 16 cents per share from sophisticated and institutional investors. The Placement is expected to be completed within 5 Business Days and will be issued without disclosure under the Company's placement capacity under ASX Listing Rule 7.1.
The funds will assist TopBetta's Alderney-based subsidiary, The Global Tote Ltd, to accelerate the recently launched Global Tote product in Australia and internationally as well as provide working capital for the overall business.
In addition to the Placement, the Company will offer all shareholders the opportunity to participate in a Share Purchase Plan ("SPP"), which Directors have proposed be at the same 16 cents per share Placement.
Each of TBH's Directors has indicated their intentions to apply for their full entitlement as part of the SPP.
Details of the SPP will be released to the market in the coming days.
Canaccord Genuity (Australia) Limited ("Canaccord") acted as sole lead manager and bookrunner for the Placement. In consideration for Canaccord's services, the Company has agreed to issue to Canaccord that fully paid ordinary shares in the Company (at $0.16 per Share) to the value of 5% of the amount raised under the Placement (excluding the SPP). These shares will be issued on completion of the Placement under the Company's placement capacity under ASX Listing Rule 7.1.
Global Tote Update
As announced to the market on the 3rd of May, the Global Tote product, the world's first international wholesale tote, has launched and is now live as part of an initial roll-out phase.
The first week of TopBetta offering the Global Tote Top and Mid products on its platform, has seen more than $700k turnover (total combined) across 6 thoroughbred meetings and 6 greyhound fixtures.
TopBetta's CEO Todd Buckingham said: "The Global Tote was released this week and we have been pleased with the result thus far. While there is a long way to go, we certainly have seen some pleasing numbers.
The feedback from punters using the TopBetta Global Tote (Top) odds has been extremely encouraging with turnover on the meetings which conduct Global Tote products having a significant uplift both in terms of Tote derived products and our fixed odds offerings.
We are looking forward to what the coming weeks will bring as we continue with the first phase of the roll-out."
About Topbetta Holdings Ltd
The Company has built proprietary technology platforms that combine an online racing and sports wagering offering with a fantasy wagering platform and enables sports fans to compete against each other via online tournaments.
Topbetta Holdings Ltd