Quickflix Looks To Bolster Position Via Raising Of $775,000
The capital raising was carried out by way of a private placement to professional and sophisticated investors, encompassing the placement of almost 390 million fully paid ordinary shares at 0.2 cents per share.
Quickflix stated the funds raised will “be used for the continued development of the company’s streaming service and working capital”.
Quickflix recently entered an agreement with Foxtel, by which Foxtel’s Presto movie and TV subscription video-on-demand service will be distributed by Quickflix to its customer base.
The launch of Presto within Quickflix is set to coincide with a major upgrade of Quickflix’s user interface across all major device platforms over the coming months.
“We are pleased with the level of investor interest for the placement,” commented Stephen Langsford, Quickflix chairman and CEO. “Interest is growing in the streaming sector as is appreciation of Quickflix’s strong positioning in the market.
“The recent agreement entered into with Foxtel Presto is a very positive development for the company, bolstering content while also improving operating economics.”