Ovanti Limited (ASX:OVT) Announces $1 Million Placement
Placement Details
Ovanti Limited has received firm commitments from sophisticated investors to raise approximately $1,000,000 by issuing 588,235,294 new shares at $0.0017 per share. The placement will occur in two tranches, with tranche 1 issuing 212,000,000 shares (~$360,400) and tranche 2 issuing 376,235,294 shares (~$639,600) subject to shareholder approval. Settlement of tranche 1 is anticipated on 6 June 2025.
Use of Funds
The funds raised will be used to fund ongoing litigation matters, US buy now, pay later (BNPL) operations, working capital, and placement costs.
Lead Manager
Clee Capital acted as Lead Manager for the placement and will receive a fee of 6% on the gross amount raised, excluding GST, and, subject to shareholder approval, 50,000,000 options at $0.0025 with a three-year term, and 25,000,000 options at $0.003 with a three-year term.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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