Sports Entertainment Group (ASX:SEG) said its placement was oversubscribed by Thursday, with binding commitments received from new and existing institutional and sophisticated investors to raise AU$14.6 million, according to a Friday filing with the Australian bourse.

The placement price is AU$0.28 per share, with around 41.9 million shares to be issued under its existing placement capacity and around 10.4 million shares to be issued subject to shareholder approval.

The placement was supported by both existing shareholders, as well as new institutional and professional investors. A non-underwritten share purchase plan to raise up to AU$2 million will be offered to eligible shareholders, it added.

It will use the proceeds to fund its acquisition of MediaWorks.

Its shares fell 1% in recent trading on Friday.