23 Apr 2013

Snakk Media announces share purchase plan

6:32 pm on 23 April 2013

Snakk Media is offering heavily discounted stock as part of a share purchase plan for existing investors.

The company, which is listed on the NZX Alternative Market and operates in Australia, specialises in helping clients advertise on smartphones.

It's offering shareholders to increase their stake in the firm for a fixed price of 12 cents per share, in the hope of raising up to $2 million.

Co-founder Derek Handley says the capital raising exercise will help expansion plans into new markets, as well as grow its sales team.

Mr Handley says the offer represents a discount of around 20% on the average trading price and is available to investors who purchase shares before 1 May.

The offer, which is capped at $15,000 per investor, will be available between 6 and 21 May.