Malaysia-based marketplace specialist Frontier Digital Ventures (FDV) has placed shares at discount to raise A$12 million ($8.1 million U.S.), the Australian Financial Review (AFR) reports.

“The company had [stockbrokers] Bell Potter and Morgans offering shares at A$0.56 a pop, a 19.4% discount to the last close. It was split into a A$10 million placement and a A$2 million share purchase plan,” the AFR noted.

“Potential investors were told Frontier would use the proceeds to cover deferred consideration/earn-outs for Latin American acquisitions it made about two years ago.”

FDV has emerged as a Latin America marketplace powerhouse following the acquisition of a number of companies in the region and buying stakes in others.

In 2021, FDV raised $25 million U.S. (A$35 million) in a share placement at A$1.50 per share to fund the purchase of Encuentra24, a leading marketplace in Central America.

Founded 2014, ASX-listed FDV operates across 20 markets.

Trading in FDV’s shares was halted on Monday April 3 “at the request of FDV pending it releasing an announcement,” according to an ASX filing.

“Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 5 April 2023, or when the announcement is released to the market,” the exchange said.

Meanwhile, FDV has released its audited financial statements for 2022, and there was one significant difference from the previously reported results: Group operating EBITDA was revised down from A$104,000 to A$37,000.

FDV’s audited results

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