- Vection Technologies (VR1) announces $12 million capital raise to support its expansion plans and to strengthen its research and development capabilities
- The company has received firm commitments from domestic and international institutional investors for the placement
- Under the placement, Vection will issue 60 million shares for 20 cents each, representing the the last 15-days volume weighted average price
- The placement is expected to be completed on Thursday, December 2
- On the market this morning, Vection is down 10.9 per cent and trading at 24.5 cents per share
Software company Vection Technologies (VR1) announced a $12 million capital raise to support its expansion plans and to strengthen its research and development capabilities.
The company has received firm commitments from domestic and international institutional investors for the placement.
Under the placement, Vection will issue 60 million shares for 20 cents each, representing the last 15-days volume-weighted average price.
Of the funds raised, around $2 million will be used to support Vection’s expansion plans and strengthen its research and development capabilities, while the remaining $10 million will provide the company with a strong balance sheet for large contracts as well as potential acquisitions.
Furthermore, Mr Lorenzo and Gianmarco Biagi would sell 15 million shares through a controlled vehicle, representing less than five per cent of their entire combined ownership, to primarily meet personal and fiscal needs.
Commenting on the placement is Managing Director Gianmarco Biagi.
“Vection Technologies’ Board of Directors have received this overwhelming institutional investor interest with support, combining a stronger balance sheet with a clear alignment of M&A and corporate strategy to yield compelling returns for all stakeholders,” he said.
“As we anticipate increased M&A interest in the XR & metaverse space, we believe that building size is a critical stepping stone for the global success of Vection Technologies and its stakeholders.”
The placement is expected to be completed on Thursday, December 2.
On the market this morning, Vection was down 10.9 per cent and is trading at 24.5 cents per share at 10:43 am AEDT.