Shares in video on demand player TV2U are on a tear

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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.

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