New TLD applicant issues new shares to raise money, also confirms possibility of participating in private new TLD auctions.
Top Level Domain Holdings Limited, parent company of Minds + Machines, has conditionally raised $10 million.
The company today conditionally placed 110,375,276 new ordinary shares at 6p per share.
The money will be used as additional working capital, with much of it earmarked for settling contention sets.
The press release also confirms what company CEO Antony Van Couvering commented on Domain Name Wire last week — that the company is considering participating in private auctions for top level domains. Private auctions allow the losers to receive some of the money the winning bidder pays. If a new TLD applicant loses an “auction of last resort” with ICANN, it loses all of the money it paid to apply for the new TLD and doesn’t get any of the winning bidder’s payment.
The company previously announced it raised up to $15 million for one (undisclosed) top level domain, in which the funding source will receive participation in revenue from the one domain. The company is seeking similar deals.
The company had £2.418 million in cash and cash equivalents on its books at the end of 2012.