EVR Holdings (AIM: EVRH) , following the positive trading update announced on 18th March, proposes to raise gross proceeds of up to approximately $12 million (£10.32m) with existing and new shareholders at a price of 3.75 pence.
The proceeds of the Placing will be used to extend reach and user engagement and to further enhance MelodyVR both in terms of content and functionality with the ambition of harnessing the significant first mover advantages within this compelling market opportunity.
In addition, proceeds will enable the Company to hire new personnel, provide funds for warehousing costs, assist with the development of the MelodyVR platform and subscription offering, fund ongoing operating expenses and provide general working capital for the Company.
The Company has also announced it intends to appoint William Grant Dollens (41) to the Board as Non-Executive Director of the Company as soon as possible. Willian will also become a member the Remuneration Committee. Mr Dollens is currently Managing Member at Global Frontier Investments, LLC, a US-based investment manager, and Portfolio Manager for Global Frontier Partners, LP, a shareholder in EVR and whose knowledge of the public markets in both the United Kingdom and the United States will prove invaluable in supporting the Board's strategic corporate objectives.
Mr Dollens also holds a Masters in Business Administration with majors in analytical finance, management & strategy, and accounting from the Kellogg School of Management at Northwestern University, and a BSE, biomedical engineering, from Duke University. Mr Dollens is also a Non-Executive Director of WANdisco plc, the AIM listed live data company for machine learning and AI. Mr Dollens holds 1,904,000 Ordinary Shares in the Company in his own name.
Shares in EVRH have recently rebounded off lows of 2.3p to highs of 4p. Shares currently trading down 14% as the market anticipates a significant placing discount to Friday’s close.