Beauty Health Group (ASX:BHG) has appointed Patersons Securities as Lead Manager to conduct its proposed $5 million prospectus capital raising.
Proceeds will be used to further development of the TopBetta social gaming platform that it is acquiring from OM Group Holdings Pty Ltd.
TopBetta is one of the world’s first online social betting platforms for sports and racing tournaments that enables sports fans to compete against each other in tournaments rather than against a “bookie”.
It has won various social gaming awards, and provides “free to play” as well as “paid” tournaments that enable players to win cash prizes competing against each other.
TopBetta also includes a paid subscription tipping service and its platforms are able to be utilised by affiliates and partners to create their own tournaments within their own online properties.
A shareholders meeting is expected to be held in late May 2015 to seek approval for the acquisition of TopBetta and the capital raising.
