migme placement raises $10m

Steven Goh’s social networking company migme has raised $10 million from an oversubscribed placement to shareholders.

The placement of 10 million shares was made to sophisticated and professional investors at $1 each, with the group’s major stakeholders taking up the pro rata offer.

“We have made excellent progress in all our key markets and to us, the opportunity is larger than ever,” Mr Goh said.

“This injection of additional capital will enable us to maintain the momentum we have gathered, continue to make progress with platform development, quality of operations and winning in our key markets of Indonesia, the Philippines and India.”

Patersons Securities acted as lead manager to the placement.

migme listed on the ASX in August last year, after being acquired in a backdoor by Latin Gold.

Since then, the company’s market capitalisation has grown to $231 million, while its share price has grown from 8 cents per share on day one to $1.10 as of September 7.