iCandy Interactive (ASX:ICI) raises $1.25M in heavily oversubscribed placement

Mobile gaming company iCandy Interactive (ICI) has completed its $1.25 million capital raise.

The placement received immense support, bringing in more than $5 million in bids. While the gaming stock initially planned to raise $1 million, the market’s positive response sparked a decision to increase the placement by 25 per cent.

“We are extremely pleased with the overwhelming response for the placement. This demonstrates that there is huge confidence in iCandy leading into the launch of our next suite of games,” Chairman Kin Wai Lau said.

Investors will receive one free-attaching option for every one placement share subscribed for. The options have an exercise price of 2.5 cents and will expire on December 31 2022.

“With the fresh capital, iCandy is now better positioned to expand our mobile gaming and esports business and drive new marketing initiatives in Australia and Asia,” Kin concluded.

Source: https://themarketherald.com.au/icandy-interactive-asxici-raises-1-25m-in-heavily-oversubscribed-placement-2020-09-15/