Manchester-based VR firm Immotion Group has announced plans to raise £3m through through the issue of almost 50 million new shares.
The proceeds of the fundraising – which is subject to shareholder approval – will be used to accelerate the company’s growth plans.
The new shares will represent around 20% of the company’s enlarged share capital.
Immotion Group originally listed on the London Stock Exchange’s AIM market last July, raising £5.75m through the placing of 57.5m ordinary shares in a placing that was said to be “significantly oversubscribed”.
Today’s news comes as the company agrees a significant roll-out of its VR cinematic platforms with Merlin Entertainments – owner of Lego Discovery Centres and SeaLife venues – following a successful trial.
