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 completion of a capital raise. The company successfully secured $1,080,711 through a placement to professional and sophisticated investors, issuing 786,543,365 ordinary shares at a price of $0.001374 per share. These shares will be issued within the company’s placement capacity under ASX Listing Rule 7.1A.
The placement was managed by Clee Capital. Ovanti intends to allocate the raised funds towards the ongoing financial support of its U.S. Buy Now, Pay Later (BNPL) business, including merchant and partnership agreements. A portion of the proceeds will also be directed to global operations, legal expenses, working capital, and costs associated with the offer.
The issue price represents a 15% discount to the 15-day volume-weighted average price (VWAP). As compensation for their services, Clee Capital Pty Ltd will receive a fee of 6% + GST on the total funds raised through the placement. Additionally, Clee Capital will be issued 60 million options with an exercise price of $0.003, expiring three years from the issue date.
This announcement was authorised for release by Joshua Quinn, Director and Company Secretary of Ovanti Limited, on behalf of the Board of Directors.
