- Adveritas (AV1) receives firm commitments to raise $3 million via a share placement
- New and existing sophisticated investors have supported the raise which will see shares issued at 10 cents each
- AV1 says the money will strengthen its balance sheet and support an acceleration of sales and marketing activities
- Settlement of the placement and issue of the shares is scheduled for July 21, 2021, with quotation of the new Shares expected to occur the following day
- Shares are trading 3.54 per cent higher at 10.3 cents at 1:27pm AEST
Adveritas (AV1) has received firm commitments to raise $3 million via a share placement.
New and existing sophisticated investors have supported the raise which will see shares issued at 10 cents each, ranking equally with the company’s existing shares.
AV1’s business involves creating innovative software solutions that leverage big data to drive business performance.
The company is looking to raise the money to strengthen its balance sheet and support an acceleration of sales and marketing activities.
In particular, the company is focused on its ad fraud prevention software, TrafficGuard which is touted as the world’s first full funnel measurement, verification and fraud prevention solution for digital advertising.
Co-founder & CEO Mathew Ratty said TrafficGuard has been well received by the industry and is being increasingly used for the automated removal of invalid traffic as well as real time data analytics that gives marketing teams complete visibility on how and where invalid traffic is affecting them.
With the capital raise and the company’s current cash reserves and the funds potentially raised from the exercise of the outstanding listed options would result in a pro-forma cash balance of $11.8 million.
AV1 said the money will support an acceleration of its growth momentum as the marketing team drives further inbound lead generation and the sales team converts the strong and growing sales pipeline it has built.
Further, the company will be adding additional sales and customer success personnel to deal with a high volume of trials occurring and increasing its marketing spend in key digital channels to promote the TrafficGuard product to the mass market.
Settlement of the placement and issue of the shares is scheduled for July 21, 2021, with quotation of the new Shares expected to occur the following day.
Shares were trading 3.54 per cent higher at 10.3 cents at 1:27pm AEST.