Blackbird plc aims to raise more than £1 million via a share placing.
The listed cloud video editing platform, eighth on our MediaTech 50 ranking last year, announced a placing of 17,500,002 new ordinary shares of 0.8 pence each at a price of 6.0 pence per share.
Brokered by Allenby Capital, sale of the new shares – which equate to 4.53% of the issued share capital of the company – would raise approximately £1.05m before expenses.
The company is seeking funds to help grow its elevate.io product – a new browser-based end-to-end content creation tool for the creator economy.
elevate.io has been built natively in the public cloud through a partnership with AWS and other cloud service providers.
“As general access of elevate.io approaches, we have had a number of engaged high net worth individuals show interest in investing directly in our story,” said Blackbird plc CEO Ian McDonough.
“Together with some existing shareholders we have raised additional funding to assist in the early months of elevate.io’s growth.”
The company said certain members of its board and management, and associated family members, intend to subscribe for an aggregate of approximately £70,000, with £50,000 from McDonough and his family.
Sony to cut Liverpool & London jobs in PlayStation restructure