Live Co Group PLC said on Monday it raised £825,000 via a placing 16.5 million shares to fund its new video production division and noted strong sales for day two of its KPop Flex festival.
Shares in Live Co were up 13% at 5.55 pence on Monday morning in London.
The Surrey, England-based live events and entertainment company raised £825,000 through a placing of 16.5 million new shares of at a price of 5.0 pence per share, represents a small premium to the closing price of 4.9p on Friday.
The proceeds will be used to fund the company’s new video production division to manage the streaming of the Frankfurt Festival and subsequent festivals.
Live Co also noted strong sales for day two of its Kpop Flex festival with sales currently in excess of 18,000 tickets.
Chair David Ciclitria said: ‘Streaming for KPop events will be a major revenue source and negotiations for KPop. Flex remain ongoing. Having video production of events in-house means we can reduce costs and own our content. Ticket sales for day two of the festival are encouraging and securing Kai [a KPop artist] for day two has been instrumental in increasing numbers significantly.’
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