Quickflix announces Destra as strategic investor
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Perth home entertainment company Quickflix Ltd announced the placement of $500,000 worth of shares to Victorian digital media company Destra Corporation Ltd, as well as offering the company a position on its board.
Placing 5 million new shares to Destra at an issue price of 10 cents, Quickflix also announced its intention, in a statement to the Australian Stock Exchange, to raise $1.2 million for company expansion through a placement to private investors.
Details of the placement, to be of 10 million shares at 12 cents, will be released following shareholder approval at a general meeting, to be held shortly.
Quickflix and Destra are the leading independent Australian online movie subscription and independent digital music company respectively, and intend to develop an alliance to cross promote their services and to grow their total base of online customers.
The full announcement is pasted below
Quickflix today announced that destra Corporation had become a substantial investor in the Company. Quickflix has placed 5,000,000 new shares to Destra at an issue price of 10 cents. Destra has also been offered a position on the Quickflix board.
Quickflix and Destra are the leading independent Australian online movie subscription and independent digital music company respectively, and intend to develop an alliance to cross promote their services and to grow their total base of online customers.
Quickflix CEO, Stephen Langsford said "We welcome destra Corporation to the Quickflix share registry and board. More consumers are coming online to download music and access movies and there will be great advantages in working together to accelerate uptake overall".
Destra CEO, Domenic Carosa said "The strategic stake in Quickflix was in recognition of the Company's innovative approach to the provision of online home entertainment. Where music goes, video follows."
Quickflix intends to also make a further placement to private investors of 10,000,000 shares at 12 cents to raise $1.2 million subject to shareholder approval at a general meeting to be announced shortly. The funds raised will be used to further expand Quickflix's business and grow its subscriber base.