Swarmio Media (CSE: SWRM) last night announced it is looking to slightly boost its cash position. The firm is looking to conduct a $1.0 million private placement, which is reportedly to be led by insiders of the company.
The financing is to be conducted on a non-brokered basis, and will see the company sell a total of 10.0 million common shares at $0.10 per share. No warrant is to be included under the offering.
Proceeds from the financing are to be used for short term working capital as well as general working capital purposes. The funds are to be used to support its ongoing operations while it works towards bolstering revenues from recently revealed arrangements.
“Large telcos have recently partnered with Swarmio, leveraging our business proposition and technology so they can monetize gamers. We expect these partnerships to translate into revenue growth for Swarmio in the coming months and years. Following our successful telecom launch with Globe in the Philippines to their 85 million subscribers, we expect to continue to deploy the Ember platform in new regions with additional world-leading telcos this year,” said CEO Vijai Karthigesu.
It is presently unclear what insiders specifically are participating in the financing, or how much they’ll be contributing to the overall raise.
Swarmio Media last traded at $0.12 on the CSE.
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