The Marketing Group raises €407,520 in conditional placing
London-based blockchain focused marketing firm, The Marketing Group, said it has raised €407,520 in a share placing.
The NASDAQ-listed company said the funding was needed to help it execute its growth strategy, which was reviewed by the board of the firm following a poor trading performance.
18,112,000 units at a price of €0.0225 were issued, with each unit comprising one share and one warrant to subscribe for a share at a price of €0.05, and have been placed with certain institutional and other investors.
The Marketing Group is positioning itself as a blockchain based media firm and late last year bought digital asset management business, Blockchain Nordic, for €4.8m.
This “immediately gives the group increased scale and strengthens the group’s blockchain capability", the company said in a statement.
The Marketing Group, which rebranded last year as RYVL, also said it expects immediate synergies with the group’s in-house blockchain start-up, Truth.
“The Board will continue to review the Group’s activities and portfolio in the light of the rapidly growing and changing blockchain application landscape,” it said in a NASDAQ filing.