- Apple reseller and retailer Story-I (SRY) has received firm commitments to raise $2.1 million via a placement
- More than 92 million fully-paid ordinary shares will be issued to sophisticated investors at 2.3 cents – representing an 11.5 per cent discount to the company’s closing price on March 11 of 2.6 cents
- Investors will also receive one free attaching option for every two placement shares, exercisable at 4.6 cents with expiry two years from issue
- Story-I will use the funds to fast-track the expansion of its physical stores, develop its online sales platform and pay working capital
- Shares in Story-I are down 3.85 per cent on the market and are trading at 2.5 cents
Apple reseller and retailer Story-I (SRY) has received firm commitments to raise $2.1 million via a placement.
The company entered a trading halt on March 12 but did not reveal how much it intended to raise or what it would use the funds for.
All up, 92,100,964 fully-paid ordinary shares will be issued to sophisticated investors at 2.3 cents.
This price represents an 11.5 per cent discount to Story-I’s closing price on March 11 of 2.6 cents and a 25 per cent discount to the five-day volume-weighted average price.
Investors will also receive one free attaching option for every two placement shares, exercisable at 4.6 cents with expiry two years from issue.
Story-I will use the funds to fast-track the expansion of its physical stores, develop its online sales platform and pay working capital.
EverBlu Capital acted as Lead Manager to the placement and will receive a six per cent fee of the funds raised. Additionally, it will receive two million shares and 47,050,482 options.
“We thank EverBlu and the placement investors for their support. The funds raised will drive the growth of the business and we look forward to working with all stakeholders to build the future of the company,” Executive Director Michael Chan commented.
Story-I is down 3.85 per cent on the market and shares are trading at 2.5 cents at 3:07 pm AEDT.