- Frugl (FGL) has tapped investors for $1.7 million, through a two tranche placement
- The company will issue around 431 million shares at 0.4 cents, with a one for two free-attaching unlisted option, exercisable at one cent before December 31, 2025
- Frugl says the placement was well supported by domestic and international sophisticated and professional investors
- Funds will go towards marketing of the company’s grocery app and the commercialisation of the Frugl market analytics retail platform
- Shares in Frugl are down 22.2 per cent, trading at 0.7 cents as of 1:26 pm AEDT
Frugl (FGL) has received firm commitments to raise $1.7 million via a two-tranche placement.
The company will issue 431.3 million shares at 0.4 cents per share, with a one-for-two free attaching unlisted options exercisable at one cent before December 31, 2025.
The issue price represents a 60 per cent discount to the 15-day volume-weighted average price (VWAP) and 55 per cent discount to the last close price.
The first tranche of the placement will raise approximately $158,910 via the issue of around 39 million shares while the second tranche will raise approximately $1.57 million via the issue of around 391 million shares subject to shareholder approval.
The company will seek shareholder approval at its general meeting expected to be held on February 17.
In addition to the placement, Frugl will seek shareholder approval to enable Mathew Walker, a company director, to convert $275,000 of the company’s outstanding debt to Mr Walker on the same terms as the placement.
Funds raised will primarily support the marketing efforts of the company’s grocery app, commercialising its market analytics retail platform and expanding the platform into Southeast Asia.
Tentatively, the company will issue tranche one shares on January 13 and issue tranche two shares on January 20.
Shares in Frugl were down 22.2 per cent, trading at 0.7 cents as of 1:26 pm AEDT.