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- Family Zone Cyber Safety (FZO) taps investors for $20 million via a placement to strengthen its balance sheet
- The new shares will be issued at 18 cents each, representing a 14.3 per cent discount to FZO’s last closing price and a 1.9 per cent discount to its five-day VWAP
- The offer will be completed via two tranches, with the first seeing roughly 105 million new securities issued to sophisticated and professional investors to raise $19 million
- The second tranche will be a placement of around six million new shares to FZO directors and institutional investors for $925,000, subject to shareholder approval
- Family Zone Cyber Safety is down 8.33 per cent, trading at 19 cents at 1:52 pm AEDT
Family Zone Cyber Safety (FZO) has tapped investors for $20 million via a placement to strengthen its balance sheet.
The new shares will be issued at 18 cents each, representing a 14.3 per cent discount to FZO’s last closing price of 21 cents on March 6 and a 1.9 per cent discount to its five-day volume-weighted average price (VWAP).
The offer will be completed via two tranches, with the first to be an unconditional placement of around 105 million new securities to sophisticated and professional investors to raise $19 million.
The second tranche will be a placement of around six million new shares to FZO directors and institutional investors for $925,000. Any allocation of new shares to a director will be conditional on obtaining shareholder approval at the general meeting.
FZO said the proceeds raised will be used to strengthen its balance sheet to support additional growth, fund working capital and repay the drawn-down portion of its North City working capital facility that is not converting to equity.
The first tranche of shares is scheduled to settle on March 14 and be allocated the following day.
Family Zone Cyber Safety was down 8.33 per cent and trading at 19 cents at 1:52 pm AEDT.
