Join our daily newsletter At The Bell to receive exclusive market insights
- Tinybeans Group (TNY) receives commitments for an $8 million placement in two tranches
- The first tranche involves the issue of shares at 60 cents each to raise approximately $6.9 million, while the second will raise $1.1 million at the same price
- The company anticipates settlement to occur on November 25, with shares to be allotted on November 26
- Meanwhile, the company will undertake a SPP offer to all existing, eligible shareholders, with funds raised to go towards assisting product development, marketing and acceleration of Beanstalk
- Tinybeans Group is up 0.79 per cent, trading at 64 cents at 2:30 pm AEDT
Tinybeans Group (TNY) has received commitments for an $8 million placement.
The company said a strongly supported capital raise via a two-tranche placement came from investors from both the United States and Australia.
The first tranche saw the issue of 11,568,000 shares at 60 cents each to raise around $6.9 million. The second tranche saw 1,765,334 shares issued at the same price to raise a further $1.1 million.
The company said it anticipates settlement to occur on November 25, with shares to be allotted on November 26.
As part of the capital raise, CEO Eddie Geller announced plans to convert his director loan of US$300,000 (A$413,000) to shares at the same issue price paid by investors under the placement, pending shareholder approval.
Additionally, the company will undertake a share purchase plan (SPP) to all existing, eligible Australian and New Zealand shareholders, offered at the same price as the placement.
Eligible holders can subscribe for up to $30,000 worth of shares, which will rank equally with all existing ordinary shares.
Tiny Beans said funds raised will go towards assisting product development, marketing, general working capital purposes, and acceleration of Beanstalk, the company’s new subscription product.
Tinybeans Group was up 0.79 per cent, trading at 64 cents per share at 2:30 pm AEDT.
