B90 Holdings PLC on Friday said it raised £2.0 million via placing and subscription of new shares, which it will use for investments, general working capital and fundraising expenses.

The Isle of Man-based company in the online gambling industry also said it completed the acquisition of Swedish marketing company Emwys AB from Funko International AB, paying €1.9 million in cash and shares as part of the wider €3.6 million consideration agreed in July.

B90 said the fundraise is via the issue of 36.7 million new shares at a price of 5.44491 pence each, which it represents an 11% discount to closing price of 6.10 pence on Thursday.

Shares in B90 were down 7.8% to 5.63p each in London on Friday afternoon.

The new shares represent around 8.4% of B90’s enlarged share capital.

B90 said the gross proceeds would be used as follow: £1.1 million towards investments in inorganic growth opportunities; £400,000 for further investment in its own assets; and £500,000 for general working capital and fundraising expenses.

Alongside the fundraising, B90 said it has served conversion notices to all holders of its existing convertible loan notes worth £4.5 million with £180,398 of accrued interest.

B90 said the notes will be converted at the issue price, resulting in the issue of 86.8 million new shares. No notes will remain in issue following the conversion, the company said.

Also on Friday, B90 said it has completed the acquisition of Emwys from Funko International, paying a further €1.3 million in cash plus €1.6 million in equity. Both parties have agreed this will be at the issue price per share, meaning B90 will issue Funko International 25.3 million new shares.

In July, when B90 and Funko agreed the deal for a total €3.6 million, B90 paid €500,000 in cash and €250,000 in convertible loan notes up front, with Friday’s consideration outlined to be payable upon completion of the acquisition.

The acquisition had been expected to complete at the start of September, B90 said in July.

B90 on Friday said the Emwys acquisition has performed ‘positively in line with management’s expectations’ and that it will now progress ‘full integration of the acquisition’.

B90 said it will provide an update on recent trading along with half-year results on or around September 29.

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