- AppsVillage (APV) is looking to pocket $3.4 million after tapping institutional investors and its directors in a flurry of fundraising activities
- The ASX-lister secured binding commitments from institutional investors to raise $600,000 via a share placement and finalised $200,000 worth of funding from company directors
- Further, AppsVillage also received commitments from an existing institutional shareholder for US$1 million (roughly A$1.3 million) and a new Israeli based investment fund for US$1.5 million (about A$1.9 million) at an indicative issue price of A$0.16
- Funds from the placement will go towards new product initiatives, with the aforementioned $2.3 million set to fuel the company’s efforts to list on the TSX Venture Exchange
- APV is up a solid 19.1 per cent on the market, trading at 12.5 cents per share
AppsVillage (APV) is looking to pocket $3.4 million after tapping institutional investors and its directors in a flurry of fundraising activities.
The software-as-a-service company secured binding commitments from exisiting institutional investors to raise $600,000 via a share and option placement and finalised $200,000 worth of director’s investments.
Under the placement, 5,454,546 new fully paid ordinary APV shares were offered to institutional investors at 11 cents each with one unlisted option attached for every two placement shares.
Proceeds from the placement are set to go towards developing and promoting new product initiatives for the company and for general working capital purposes.
The company issued 1,339,286 fully paid ordinary shares to its Non-Executive Chairman, Bahram Nour-Omid in exchange for his investment of $150,000, and 446,429 shares to Non-Executive Director Andrew Whitten for an investment of
of $50,000.
Notably, the ASX-lister also received non-binding term sheet commitments to raise over $2.6 million in a bid to fuel an anticipated listing on the TSX Venture Exchange. AppsVillage received conditional approval to make its debut on the exchange back in February this year.
So far, the company has received signed non-binding indicative term
sheet commitments from an existing institutional shareholder for US$1 million (roughly A$1.3 million) and a new Israeli based investment fund for US$1.5 million (about A$1.9 million) at an indicative issue price of A$0.16.
AppsVillage says it is continuing to work with regulatory authorities to ensure the listing proceeds within the required 90-day period.
APV is up a solid 19.1 per cent on the market, trading at 12.5 cents per share at 4:20 pm AEDT.