- Information technology company, AssetOwl (AO1) has completed its recently announced entitlement offer and raised more than $903,000
- The company raised the funds via an oversubscribed application of new shares to exisiting shareholders, while new investors picked up the shortfall
- It comes after the company successfully executed an institutional placement of new shares earlier this month which netted the company $600,000
- AssetOwl now has $1.5 million to go towards rolling out capability its photo-centric property management platform, inspector360, as well as provide working capital as the company increases its customer base for the product
- The company finished the day in the grey, trading shares for 0.8 cents each
AssetOwl (AO1) has completed its entitlement offer to generate $903,664, and will use the funds to launch its photo-centric property management platform.
The company has successfully executed its capital raise, which has netted them $1.5 million, after it successfully brought in $600,000 from an institutional placement of new shares earlier this month.
“We are pleased to successfully complete this capital raising and appreciate the support of the private and institutional investors who have joined us, as well as our existing investors for continuing to back the Company’s strategy and team."AssetOwl Chairman, Simon Trevisan.
AssetOwl's entitlement offer allowed eligible shareholders the ability to subscribe for three new shares for every eight shares held at an issue price of $0.008 per share. Approximately 112,957,805 new shares were issued to raise $903,662.
Eligible shareholders oversubscribed for 78,950,708 new shares, however, it still left a short fall of 34,007,097 shares, which were snapped up by new investors.
The proceeds will help the company continue the roll out of inspector360, AssetOwl's revolutionary property management platform, which the company said was receiving plenty of interest in the property management and real estate agency markets.
inspector360 uses a combination of geospatial information systems and virtual reality technology to deliver a rent inspection program as well as a virtual tour for property managers.
The company finished the day in the grey, trading shares for 0.8 cents each.