Dutchess Capital injects $16.3m in Motopia in Australia
The US-based Dutchess Capital Management, a fund manager specializing on short-term and growth-stage public companies that fall under the ‘special situation’ category, will invest up to A$15 million ($16.3 million) in Motopia Limited, taking a 19.99% stake or less.
According to a statement, the funding will be facilitated through equity line facilities (ELFs), which allows Motopia to call on funds when needed. And ELF specifically offers a flexible financing structure for public companies to raise capital quickly. In Motopia’s case, it can receive tranches of up to $300,000 per drawdown, or up to $500,000 if agreed by the parties. At no time will Dutchess Capital hold more than 19.99% of Motopia. Founded in 2000, Dutchess has been providing ELFs for almost a decade, investing around $1.8 billion worldwide.
Motopia is an Australia Stock Exchange-listed company that deals in mobile marketing and branded mobile content creation, licensing and distribution. Dutchess’ financing is slated to provide the company with a capital cache to be used over the next three years, according to a press release.
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