Shares in TV2U, an aggregator of video, karaoke and gaming content, soared after a $1.94 million equity raising with institutional, professional and sophisticated investors.
A short time ago, the shares were up 9% to 3.6 cents. They have more than doubled from a low of 1.3 cents over the last month. The equity raising was at 3 cents a share.
The placement to institutional and sophisticated investors was oversubscribed.
The cash will be used to pursue a number of short-term opportunities and for working capital.
The streaming media provider intends to release the prospectus for its one-for-four entitlement offer of options to existing shareholders next week.
TV2U is a white label entertainment platform which enables businesses, such as telecommunications companies, to quickly offer streaming content to customers.
It completed a backdoor ASX listing last year via Galicia Energy Corporation.