- Property technology company Openn Negotiation (OPN) receives firm commitments to raise $3 million via a share placement
- The money will be raised through the issue of 20 million shares to sophisticated and professional investors at a price of 15 cents
- Openn will also undertake a share purchase plan to raise up to $2 million with eligible shareholders able to apply for up to $30,000 worth of shares
- The money will be used to fund OPN’s expansion in North America, particularly building a North American operational team, refining its software platform and finalising partner integrations
- Openn ends the day 8.82 per cent in the red with shares trading at 15.5 cents
Property technology company Openn Negotiation (OPN) has received firm commitments to raise $3 million via a share placement.
The money will be raised through the issue of 20 million shares to sophisticated and professional investors at a price of 15 cents.
This price represents an 11.8 per cent discount to Openn’s close on June 29 of 17 cents.
Openn will also undertake a share purchase plan (SPP) to raise up to $2 million.
Eligible shareholders will have the opportunity to apply for up to $30,000 worth of shares which will be price the same as the placement of 15 cents.
The plan is expected to open on July 11 and close on August 5 with shares to be issued on August 8.
Openn will use the money from the placement and SPP to fund its expansion in North America, particularly building a North American operational team, refining its software platform and finalising partner integrations.
“The capital raising assists in assuring the timely delivery of the multiple pilot programs that are being undertaken across Canada and the United States, to ensure Openn is well funded through to live transactions and commercial roll-out in North America,” Managing Director Peter Gibbons said.
Openn has ended the day 8.82 per cent in the red with shares trading at 15.5 cents.