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- Way2VAT (W2V) secures $1.1 million from new and existing institutional and sophisticated investors in a private placement
- The placement will issue approximately 42 million shares at 2.6 cents a share
- The company will use majority of the funds to accelerate sales and marketing campaigns, continuing the rollout of its Smart Spend Debt Mastercard and providing working capital
- Shares in Way 2 VAT are down 17.7 per cent, trading at 2.8 cents as of 2:58 pm AEDT
Way2VAT (W2V) has secured $1.1 million from new and existing institutional and sophisticated investors in a private placement.
The placement will issue approximately 42 million shares at 2.6 cents a share.
The issue price is a 13.9 per cent discount to the 10-day volume-weighted average price (VWAP) of the company’s shares on December 5.
Funds raised will primarily go towards accelerating sales and marketing campaigns, continuing the rollout of Way2VAT’s Smart Spend Debt Mastercard and providing working capital.
“This placement will provide the company with additional investment in sales and marketing to further accelerate growth opportunities as market conditions improve, as evidenced by escalating gross transaction volumes,” CEO and Founder Amos Simantov said.
“With the global easing of COVID-related travel restrictions and business travel beginning to normalise, Way2VAT is keen to harness the opportunity that exists for our broadening product suite that covers local and international VAT and expense reclaims as well as our Smart Spend Debt Mastercard.”
Settlement of the first 38.5 million shares is expected to finalise on December 13 while the remaining shares will be finalised on January 16.
Shares in Way 2 VAT were down 17.7 per cent, trading at 2.8 cents as of 2:58 pm AEDT.
