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iCandy Interactive Ltd (ASX: ICI) announced a $40m funding round.

iCandy Interactive Ltd (ASX: ICI) has announced that it has received firm commitments from institutional investors to raise A$40 million through a two-tranche Placement of new fully paid ordinary shares to be issued at A$0.115/share, an 11% premium on the last 15-days Volume Weighted Average Price of A$0.1036/share. The Placement was ‘incredibly’ well received and oversubscribed from investors including Animoca Brands. Proceeds from the Placement will be used in part to fund iCandy’s acquisition of Lemon Sky Animation Sdn. Bhd. and for general working capital of iCandy.

When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.

More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.

iCandy shares soared 16.30% to $0.16/share following the announcement.

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