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- RooLife Group (RLG) have completed its recent capital raising, after receiving strong support for its shortfall offer
- RLG opened the shortfall offer after extending its entitlement offer back in September due to COVID-19 related delays
- The company received $8.3 million in applications for the shortfall, well over the $3.8 million on offer
- RooLife will walk away from the oversubscribed shortfall and wider entitlement issue with around $5.49 million
- Combined with the proceeds from the placement back in August, the business has managed to hit its goal of raising over $6.2 million in extra equity
- The capital will be spent on expanding its online marketing and advancing its international expansion in China
- Shares in RooLife Group are trading for 3 cents each
E-commerce and digital marketing company RooLife Group have completed its recent capital raising, after receiving strong support for its shortfall offer.
RooLife first flagged the idea of raising additional equity back in August via a placement and entitlement issue.
It opened up the shortfall offer after extending the entitlement issue in September when applications were impacted by COVID-19 related postal delays.
The e-Commerce company has since received $8.3 million in applications for the shortfall, well over the $3.8 million on offer.
As a result, RooLife will walk away from the oversubscribed shortfall and wider entitlement issue with around $5.49 million — the initial amount it had planned to raise.
When combined with the $700,000 in funds raised via the placement, the company has managed to raise an additional $6.25 million in the capital.
These funds will help advance RLG’s marketing and promotion of its online stores in China, which are experiencing good sales.
This includes promoting brands such as Small World Brands’ Nuria Beauty, SLG Brands’ COLAB Dry Shampoo and the recently announced Kiwi Health store operated with AFT Pharmaceuticals.
Shares in RooLife Group are trading for 3 cents each at the close of market on October 14.
