Australian-founded music tech giant Songtradr has lifted its interest in Vinyl Group to 19.99%, following the Brag Media parent company's completion of its its retail entitlements offer last week, raising A$5.4M with strong shareholder support.

Songtradr converted a further $309,052.02 of its convertible note in exchange for 14,716,754 ordinary shares. The move reduces the balance of the note to $1,532,070, which is not due until 29 June 2025.

Vinyl Group CEO & Director, Josh Simons, said: “This conversion reflects Songtradr’s continued trust in the strategic vision, effective management, and growth potential of Vinyl Group.”

It comes after Vinyl Group last week completed its retail entitlements offer, raising $5.4 million to accelerate user acquisition efforts on its Vinyl and Vampr platforms, reduce technology costs of the Jaxsta platform and grow its media business.

The Retail Entitlement Offer followed the completion of the institutional component of the Entitlement Offer, which, under written by Peloton Capital and Red Leaf Securities raised approximately A$2.79 million from the proposed issue of approximately 28.5 million New Shares.

"The take up of the Offer by 46% of existing shareholders is a strong vote of confidence on the performance over the last year and where we want to go," said Simons. "Our goal of growing the business through improved user acquisition investment to move us towards profitability is clear and we now have the means to go forward this year to deliver these results for our shareholders."