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Playside (ASX:PLY) has announced a capital raising of up to $28m.

PlaySide Ltd (ASX:PLY) has announced a Capital Raising of up to $28 million, comprising $25 million Placement and a subsequent Share Purchase Plan to raise up to $3 million. Funding from the Placement and SPP will be used to support investments in Original IP titles, new licence opportunities and to further scale the Company?s work-for-hire business. Proceeds will also be used to fund the opening of new studios in Australia and team expansion, commencing with a new studio on the Gold Coast in Q3 FY22.

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.

Shares of PlaySide Studios rose 2.30% following the announcement to $0.89/share.

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