EVR Holdings has raised £3.4 million, gross, through an oversubscribed placing of 200,000,005 new ordinary shares at 1.7p apiece.
Each placee will also receive one warrant for every six placing shares subscribed for as part of the placing, with an exercise price of 1.85 pence per share.
Having recently announced a partnership agreement with the largest mobile communication provider in Germany, that will see a 'lite' version of the MelodyVR app showcased across 665 O2 branded stores, the proceeds of this placing will be used to drive further corporate expansion, in particular in the United States of America (USA) where MelodyVR continues to explore opportunities with a number of strategic partners.
Noting the increased awareness of virtual reality throughout the USA and a recent series of high profile VR related investments, MelodyVR will seek to increase its presence in Los Angeles and New York, where it will be able to service its relationships with major US record labels, artists and virtual reality hardware manufacturers more easily.
Prior to the launch of the MelodyVR cross-platform app later this year, the Company intends to make a series of key hires to strengthen further its licensing, development and marketing teams. The Company also intends to execute upon a number of worldwide marketing and PR initiatives in order to increase consumer awareness and anticipation.
The fundraising will also enable MelodyVR to extend the capacity of its live music capture and digital content creation capabilities both in the UK and overseas, expanding upon existing infrastructure and increasing research & development in areas such as post production and camera technology.
Chief executive Anthony Matchett said: "We are pleased to announce an oversubscribed fundraise of £3.4 million which demonstrates the support and confidence of both new and existing institutional shareholders.
"The additional capital raised will enable EVR and MelodyVR, to accelerate our strategic expansion into new territories and to further increase the size of our virtual reality content library prior to the commercial launch of our VR music platform later this year."