- Shekel Brainweigh (SBW) has secured an additional US$5 million (roughly A$6.57 million) in funding from an investor
- The extra funds will come from Yavneh Group, an Israeli co-operative that’ve signed a convertible note agreement with Shekel
- Shareholders will need to sign off on the note agreement, with each note to have a face value of US$1 (about A$1.31) and a four-year maturity date
- The investment will help strengthen SBW’s balance sheet and help them to execute an aggressive growth plan
- Shekel previously raised $2.1 million in capital via a placement to investors back in January this year
- SBW shares are trading down 3.57 per cent at 13.5 cents each.
Shekel Brainweigh (SBW) has secured an additional US$5 million (roughly A$6.57 million) in funding from an Israeli investor.
The extra funds will come from Yavneh Group, an Israeli co-operative that’ve signed a convertible note agreement with Shekel.
Under the agreement, each note to have will have an issue value and face value of US$1 (about A$1.31) as well as a four-year maturity date.
Before the notes can be issued though, SBW shareholders will need to sign off on the agreement.
Shekel has stated the investment will help strengthen its balance sheet, along with the $2.1 million in capital it raised via a placement to investors back in January.
Commenting on the raise, Company Chairman and CEO Arik Schor said it would also help execute an aggressive growth plan.
“When I joined this company in July 2020, my three priorities were: fixing the capital structure to support our growth plans; getting the core division, Shekel Scales, back on track of strong growth; and delivering our promises on the Retail Innovation division,” he said.
“This current capital raising is meant to support these three priorities in the immediate term and through 2021,” he added.
Following today’s announcement, Shekel Brainweigh’s shares are trading down 3.57 per cent at 13.5 cents at the close of market on Friday.