Join our daily newsletter At The Bell to receive exclusive market insights
- Software company Adveritas (AV1) raises $3 million and will use the money to support further growth
- Specifically, the money will be used to hire additional staff, commercialise its Freemium subscribes, and grow partnerships
- The funds were raised through the issue of 30 million fully-paid ordinary shares to professional and sophisticated investors at 10 cents each
- Subject to shareholder approval, five million shares will be issued to Non-Executive Director Mark McConnell
- Shares in Adveritas were up 18.8 per cent to end the day at 9.5 cents each
Software company Adveritas (AV1) has raised $3 million and will use the money to support further growth.
Specifically, the money will be used to hire additional staff, commercialise its Freemium subscribes, and grow partnerships.
The funds were raised through the issue of 30 million fully-paid ordinary shares to professional and sophisticated investors at 10 cents each.
This price represents a 25 per cent premium to Adveritas’ closing price of eight cents on October 21 and a 34 per cent premium to the 15-day volume-weighted average price.
Subject to shareholder approval, five million shares will be issued to Non-Executive Director Mark McConnell.
“With our go-to-market channels including our direct sales force, marketing agencies, Google Cloud Marketplace and other channel partners such as RavenTrack, we are well placed to continue our growth trajectory across enterprise and SME clients,” Co-Founder and CEO Mat Ratty said.
“We are excited by the potential we see for our software to improve the digital advertising and marketing performance of our clients by eliminating ad fraud at such a critical time for many organisations across the globe.”
Shares in Adveritas were up 18.8 per cent to end the day at 9.5 cents each.
