Vividthree Holdings has raised $2.2 million through placing out 37.5 million new shares to a group of investors to fund acquisitions and fund new projects, including the market of non-fungible tokens, or NFTs.
The placement price, at 5.832 cents each, is a 10% discount off the last traded price on Nov 16 before a trading halt was called. Trading will resume on Nov 22.
The investors include Evolve Capital Management; Asdew Acquisitions; and Jin Xin Wealth Management.
See: Vividthree Holdings 'exploring opportunities' in blockchain gaming sector
Andy Chi, partner and CEO of Evolve Capital Management says this investment in Vividthree is in line with his firm’s investment mandate.
“The evolving and robust growth dynamics of the overall NFT ecosystem presents a number of tangible, synergistic opportunities which Vividthree will be well-positioned to capitalize on,” he adds.
See also: VCPlus to raise just $600,000 from placement instead of $6.66 million after investors' u-turn
“The capital contribution provides us with an improved agility to capitalise on the numerous growth opportunities in front of us, such as the NFTs market, as well as to help strengthen the investments in the organic development of the company,” says Charles Yeo, Vividthree’s managing director.
Last month, Vividthree said it was in “preliminary discussions” with parties including GammaR, described as “a unique platform that helps NonFungible Tokens (NFT) game developers bring their innovations to market.”
