The QYou raises €3.3m through Canadian finance deal

Youth broadcaster QYou Media has raised C$5 million (€3.3 million) through a finance deal with Canadian investment banking firm Clarus Securities.

The underwriter has agreed to purchase 13.51 million units of QYou Media at a price of C$0.37 per unit. Each unit will be comprised of one common share of the company and one-half of one common share purchase warrant.

Each warrant will entitle the holder to purchase one common share of the company at a price of C$0.55 per warrant share for a period of 24-months following the closing date.

The deal will generate C$5 million for QYou Media, which has also agreed to grant Clarus Securities an over-allotment option to purchase an additional 2.03 million units at the offering price within 30 days.

If this is exercised in full, the aggregate gross proceeds of the offering will be C$5.75 million. The offering is expected to close on or around November 21, 2017.

The news comes after QYou, which offers a curated collection of ‘best-of-the-web’ video, said in October that it now reaches over 100 million viewers globally.

In the past monthThe QYou announced the launch of a fully localised version of its channel for the first time – in the Polish market in partnership with Mediakraft TV. It also recently agreed a carriage deal with Portuguese telecoms operator NOWO.