Identitii Raises $4 Million Funding
- 26.11.2020 08:14 am
Identitii Limited (Identitii, Company) (ASX:ID8) is pleased to advise that it has received binding commitments to raise a total of $4.015 million via an oversubscribed placement to sophisticated and institutional investors.
Approximately 27.5 million shares from the Company’s existing placement capacity under ASX listing rules 7.1 and 7.1A will be placed at $0.146 per share. The Placement shares are expected to be issued on 3 December 2020.
Share Purchase Plan
In order to provide existing shareholders with the ability to participate in the Company’s capital raising activities, the Company is pleased to advise that it will also undertake a Share Purchase Plan (SPP) to raise up to an additional $2 million at the same price as the Placement.
The SPP enables eligible shareholders to purchase up to $30,000 of new shares at $0.146 per share, and is open to all eligible shareholders who hold fully paid shares at 5.00pm (AEST) on 25 November 2020 and whose registered address is in Australia or New Zealand. Full details of the SPP, including offer letters and the entitlement and acceptance form, will be mailed to eligible shareholders on Thursday, 3 December 2020. A copy of the SPP documentation will also be lodged with ASX.
Identitii CEO, John Rayment, will take up his full allocation under the SPP.
Commenting on the announcement, John Rayment, CEO, Identitii, said: “First, I would like to thank all existing shareholders for their continued support, and to welcome all new shareholders to Identitii. We have achieved a number of key milestones this year, received several global industry awards to validate our revised strategy and remain on track to deliver further commercial announcements before year-end. I’m enormously thankful for the strong interest both existing and prospective investors have shown in Identitii and look forward to translating that into real value for our shareholders. This is an incredibly exciting time to be part of the Identitii journey.
Earlier in the year I reported that 85% of Identitii employees had participated in our previous capital raise, and I am pleased to say that many of our eligible team members intend to participate in the current SPP, including myself. I would like to personally invite all existing shareholders to review the SPP documents and to reach out to me directly with any questions.”
Use of Funds
Funds raised from the Placement and SPP will be used to further accelerate the Company’s sales, marketing and product activities. Operational expenditure remains steady and the Company is now well funded to execute on its strategic growth plans.
Melbourne based Corporate Advisor, BW Equities Pty Ltd, acted as Lead Manager on the Placement.