- Tech investment company Fatfish Group (FFG) has successfully completed a $1.5 million placement, which was heavily oversubscribed
- The company received more than $7 million in bids and, as a result, the original $1 million target was increased to $1.5 million
- 100 million new fully-paid ordinary shares will now be issued to sophisticated investors at 1.5 cents each
- Further, participants will receive one free attaching option for every two new shares subscribed for, subject to shareholder approval
- Fatfish will use the funds to further develop its tech and expand into new areas
- Company shares are up a healthy 44.4 per cent and are trading for 2.6 cents each
Fatfish Group (FFG) has successfully completed a $1.5 million placement, which was heavily oversubscribed.
The tech investment and development company entered a trading halt late last week, but did not disclose how much it would be raising.
The placement was strongly supported with more than $7 million in bids received and, as a result, the original $1 million target was increased to $1.5 million.
100 million new fully-paid ordinary shares will now be issued to sophisticated investors at 1.5 cents each.
Further, participants will receive one free attaching option for every two new shares subscribed for, subject to shareholder approval.
These options will have an exercise price of 3 cents and expire on December 31, 2022.
Fatfish will use the funds to further develop its tech and expand into new areas.
The company’s aim is to partner with entrepreneurs and executives to build and grow a tech business focused on the cryptocurrency, fintech, and consumer sectors.
“We are extremely pleased with the overwhelming positive response for the placement. This demonstrates that there is a lot of interest in Fatfish’s existing business and our ability to find new exciting ventures to enter into,” Chairman Larry Gan said.
“With the fresh capital, the Fatfish Group is now well positioned to further develop our ventures in fintech, e-commerce and gaming in addition to seeking new exciting opportunities across Australia, Asia and Europe,” he added.
Fatfish is up a healthy 44.4 per cent and shares are trading for 2.6 cents each at 12:08 pm AEDT.