Ovanti Limited (ASX: OVT), a company providing fintech and digital commerce software solutions and services that enable its institutional customers to securely authenticate end-user customers and process banking, purchase and payment transactions, has announced the successful completion of a placement, raising $3,000,000. The company secured firm commitments from institutional, professional, and sophisticated investors for 1,200,000,000 ordinary shares at a price of $0.0025 per share.
The placement was managed by Joint Lead Managers Clee Capital Pty Ltd and Evolution Capital Pty Ltd. Ovanti intends to allocate the raised capital towards several key areas. A significant portion will be directed to the company’s US Buy Now Pay Later (BNPL) operations. Funds will also support ongoing litigation matters and cover business development, promotion, and marketing expenses. The remainder is earmarked for general working capital purposes.
The issue price of the placement reflects a 15% discount compared to the 5-day volume weighted average price (VWAP). In addition to fees, the Joint Lead Managers, Clee Capital and Evolution Capital, will receive 6% + GST on the total funds raised. They will also be granted 120 million unlisted options, exercisable at $0.004 per option, expiring three years from the issue date, utilising the company’s LR7.1 capacity.
Joshua Quinn, Director and Company Secretary of Ovanti Limited, authorised the release of this announcement on behalf of the Board of Directors.
