- Property management platform provider AssetOwl (AO1) is set to raise $1.5 million via a two-phase placement
- Phase one of the placement will see 38 million shares be issued to sophisticated and professional investors at 0.5 cents to raise $190,000
- Phase two, which is subject to shareholder approval, will see AssetOwl raise the remaining $1.31 million through the issue of 262 million shares
- AssetOwl will use the funds to scale the deployment of its photo-centric property inspection platform and fund marketing campaigns
- The company’s platform, inspector360, uses geospatial information and virtual reality to deliver a virtual rent inspection
- AssetOwl has ended the day in the grey with shares trading at 0.7 cents
Property management platform provider AssetOwl (AO1) is set to raise $1.5 million via a two phase placement.
The company originally planned $1 million but increased it to $1.5 million due to the strong support received.
Phase one of the placement will consist of the issue of 38 million ordinary shares to new and existing sophisticated and professional investors at 0.5 cents to raise $190,000.
Phase two, which is subject to shareholder approval, will see AssetOwl raise the remaining $1.31 million through the issue of 262 million shares.
AssetOwl will use the funds to scale the deployment of its photo-centric property inspection platform and fund marketing campaigns.
The company’s property inspection platform, inspector360, uses geospatial information systems and virtual reality technology to enable virtual rent inspections.
It allows tenants, property managers and landlords to remotely monitor and record the condition of the property.
“The capital we raise through this placement will support the business as we enter an exciting growth phase, help us achieve scale initially through a Western Australia rollout and fund our expansion to the Eastern States,” CEO Geoff Goldsmith said.
“With our first product now proven and in market, we will focus on building our customer base and pursuing complementary products and opportunities to meet market demand,” he added.
AssetOwl has ended the day in the grey with shares trading at 0.7 cents in a $3.46 million market cap.