Spenda Limited (ASX: SPX), an integrated business platform that enables businesses across the supply chain to sell better and get paid faster, today announced it has secured firm commitments for a private placement to raise $1.4 million before costs. The placement, offered at $0.002 per share, garnered support from new and existing sophisticated investors, as well as members of the Board of Directors and executive team.
The proceeds from the placement will be primarily allocated towards the commercialisation of Spenda’s core products and general working capital needs. Directors Karim Razak, Irshad Mulla, Peter Richards, and former director (now Chief Marketing Officer) James Matthews will collectively participate in the placement for a total subscription of $570,000, subject to shareholder approval under ASX Listing Rule 10.11.
Lodge Corporate and Lynx Advisors acted as Joint Lead Managers (JLM) for the placement. The JLMs will receive a 2% management fee on funds raised excluding Director and Executive funds, and 4% on funds raised from their clients. Additionally, they will be granted 20,000,000 broker options with an exercise price of $0.007, expiring on 31 January 2030.
The company will issue 415,000,000 shares under ASX Listing Rule 7.1 without prior shareholder approval. The remaining 285,000,000 shares allocated to Directors and Executives, along with the 20,000,000 options issued to the JLMs, are subject to shareholder approval. A general meeting will be convened no later than 30 April 2026 to seek the necessary approvals.
