iCar Asia (ASX:ICQ) has raised $3.5 million through an oversubscribed 1 for 44 non-renounceable entitlement offer of shares priced at $0.65.
It previously raised $11.5 million through a placement of 17.7 million shares to select institutional investors.
Proceeds from the placement and entitlement offer will be used for:
- Delivery of new consumer targeted mobile apps to further grow the company’s market leadership positions and quality lead volumes;
- Delivery of new, automotive manufacturer advertising products which are designed to increase the company’s share of the online new car advertising market;
- Launch of a ‘Cost Per Lead’ product, enabling the company to participate in used car market commission revenues; and
- Marketing programs to support new product releases and regional expansion in existing markets.
