STOCKHOLM, Sweden, Nov. 13, 2014 (GLOBE NEWSWIRE) -- Further to this morning's announcement regarding the acquisition of Italian and Dutch Peer-to-Peer Companies, Prestiamoci and Geldvoorelkaar, TrustBuddy is pleased to announce that the raising of new equity is already oversubscribed based on a 20% capital raise mandate.
The proceeds of the share placing will be used by [Eur]5m to fund the cash consideration (and related costs) of the acquisitions of Prestiamoci and Geldvoorelkaar, [Eur]2m for strategic expansion and platform development costs, and [Eur]3m for working capital purposes.
The share placing is being undertaken by a book build, closing on Friday the 14th of November, in order to allow for participation by existing and new shareholders. Liberum is to act as Placing agent to the book build, and Erik Penser is acting as certified advisor. Further details of the book build will be announced in due course.
Jens Glasoe, CEO of TrustBuddy, commented:
"We are delighted to announce this equity raise. The acquisitions and strategic moves into long term consumer and SME loans that this share placing will fund are exciting steps in achieving TrustBuddy's long term strategy of being a diversified P2P lending operator. The indications of support for an equity fundraise from investors is sufficient to utilise the Company's existing share issue authorisation of 20% of the existing shares in issue."
For additional information, please contact:
Jens Glasoe, CEO, TrustBuddy International AB (publ)
Tel: +47 40 40 47 50,
About TrustBuddy International AB (publ)
TrustBuddy International AB (publ) is one of the first in the world to focus on arranging loans and capital provision between buddies in Scandinavia in an organised manner. The company is listed at NASDAQ OMX First North in Stockholm. Erik Penser Bankaktiebolag is TrustBuddy International AB (publ)'s Certified Adviser, phone number: +46 8 463 80 00.
Source:TrustBuddy International AB