- Way2VAT (W2V) secures an additional $300,000 from Moneta Seeds in a private placement at 5.1 cents a share, closing its planned share purchase placement (SPP) early
- The price is the same issue price as the $1.09 million placement to institutional and sophisticated investors
- Funds raised from the placement will be mainly used on the company’s Smart Spend Debit MasterCard initiatives that include accelerating growth of the card in the Europe
- W2V shares are up 11.4 per cent, trading at 4.9 cents as of 1:32 pm AEST
Way2VAT (W2V) has secured an additional $300,000 from Moneta Seeds in a private placement at 5.1 cents a share, closing its planned share purchase placement (SPP) early.
Moneta Seeds is an entity associated with Adoram Ga’ash, the Non-Executive Chairman of Way2VAT.
The price is the same issue price as the $1.09 million placement to institutional and sophisticated investors which included a A$10,000 placement to Mr Robert Edgley, Current Non-Executive Chairman of DataMesh and SelfWealth.
The new SPP closing date is set to August 24 following the confirmed additional capital and is expected to settle new shares on August 26.
Funds raised from the capital raising and private placement will primarily be used on the company’s Smart Spend Debit MasterCard initiatives that include accelerating growth of the card in the Europe.
CEO and Founder Amos Simantov thanked the board for their continued support through the placements and SPP as it represented a strong personal and financial endorsement of the company’s strategic plans.
“It will be key in us accelerating the rollout of our Smart Spend Debit MasterCard and developing our proprietary technologies that keep us at the forefront of innovation when it comes to the fully automated end-to-end collection of VAT and GST reclaims in more than 40 countries.”
Mr Ga’ash added that while the placement from Moneta Seeds is strategic, it demonstrated interest in the company’s innovation which puts it at the forefront of the sector.
The company expects to shortly dispatch a notice of meeting for Way2VAT’s annual general meeting where it will seek shareholder approval to issue shares to various parties.
Shares in Way2VAT were up 11.4 per cent, trading at 4.9 cents as of 1:32 pm AEST.