Vitesse share placing and development of crowd funding platform

vitessemediaVitesse today announces that it has entered into an agreement to raise £265,000 by way of a placing of 12,045,455 new ordinary shares at a price of 2.2p per share (the “Placing Shares”) of which £250,000 will be used to support the development of a new SME crowd funding platform. This will leverage Vitesse’s leading positions in the SME and investment markets and give this new platform access to a large part of its target market.

Under the terms of the Placing Agreement, £250,000 of the proceeds of the Placing will be used for the development of a crowd funding platform. Vitesse will own the intellectual property relating to the crowd funding platform and the right to earn 75% of the net income from the platform with the Investors having a right to earn 25% of the net income in return for them providing the resources for the functioning of the platform and its operation. The Board of Vitesse retain an ongoing right of review in this fully owned division.

For the full RNS click Vitesse