iCreate Limited has set September 26 as the approval date for the long-awaited 2022 rights issue.
The ex-date is September 23, 2022. iCreate is seeking to raise approximately J$55 million in capital from this equity option.
Proceeds of the capital raise will be used for, among other things, iCreate’s pivoting into its Creative City Commercial Real Estate project.
The fresh capital raised will be used to inject much-needed cash will help to push the progress of the real estate project along faster as well as the restructuring of its bond, which is currently at 12.7 per cent with principal payments looming, working capital to enable the company to meet its short term obligations and conversion of a portion of the debt to equity.
In addition, resources will be poured into marketing support to reach a wider audience in iCreate’s business development efforts. The company continues to be bullish about the digital industry as its growth area in terms of training.
iCreate has executed the NCB Foundation Level-Up Training, in addition to executing training for a number of organisations such as the GraceKennedy Group, Tourism Enhancement Fund (TEF) and Jamaica Tourist Board (JTB).
Growth in iCreate content production
The creative company has seen significant growth in educational content production, which accounts for 15 per cent of total revenues since the loss of face-to-face classes. It has recently completed projects in this space with HEART/NSTA Trust and One on One Educational Services to create digital content for its students, and has also created digital content in the past for Digicel in relation to digital transformation and online content development.
Given the digital direction of Jamaica and the wider world, iCreate Limited sees this as a growing market and the company is “well-positioned to take advantage of”. The Tyrone Wilson-led, Jamaica Stock Exchange (JSE) Junior Market-listed entity is excited at the prospects ahead for the training institute.