TV streamer TV2U is at an ‘advanced stage’ of raising more cash
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Aspiring mini-Netflix TV2U says it’s at an “advanced stage” of raising cash.
The online entertainment play — which is focused on providing TV content in Indonesia via a deal with local telco Indosat Ooredoo — was down to $442,000 cash at the end of June, with plans to spend $1.2 million this quarter.
“Given the company’s current cash position, the company has been holding discussions during the quarter with regard to future funding options, and confirms that these discussions are now at an advanced stage and will be announced once finalised,” TV2U told investors on Wednesday.
TV2U banked $405,000 cash last quarter, but burned $680,000.
The Perth-based TV streamer backdoor-listed on the ASX via Galicia Energy in February 2016 after raising $4 million at 2c per share.
It closed Tuesday at 0.9c — at the low end of its 12-month trading range of 0.8c to 2.8c.