- Online cash management company Cashwerkz (CWZ) has completed the first tranche of its ongoing placement
- The placement, which the company first announced on May 6, 2020, is being completed in two tranches
- Tranche one issued 25 million fully paid ordinary shares and raised approximately $3.2 million before costs
- Pending shareholder approval, Cashwerkz will issue a second tranche of over 13 million shares to raise approximately $1.7 million before costs
- The company will also issue 1.2 million options to Blue Ocean Equities for its services as lead manager on the offer
- Cashwerkz shares are trading grey, selling for 12 cents each today
Online cash management company Cashwerkz (CWZ) has completed the first tranche of its ongoing placement.
The placement, which the company first announced on May 6, 2020, is being completed in two tranches.
The first tranche, which was completed yesterday, comprised 25,110,577 fully paid ordinary company shares. Through the share issue, Cashwerkz raised $3,264,375, before costs.
The placement’s second tranche will issue a further 13,350,961 fully paid ordinary company shares. This will raise approximately $1,735,624 for the company, before costs. However, this second tranche is subject to shareholder approval, which the company will discuss at a general meeting around June 15.
If the shareholders approve the second tranche, the placement’s tranches will have issued a total of 38,461,538 shares. This represents 24.06 per cent of the total shares on issue before the placement.
In other news, the company has also announced that it will issue 1,200,000 options to Blue Ocean Equities. This issuance is part of the agreed remuneration for Blue Ocean Equities’ services as lead manager to the offer.
Cashwerkz has issued these options without cost, which are exercisable within three years of the issue date, and will allow the holder to acquire one fully paid ordinary share for each option held. Blue Ocean Equities will be able to acquire the shares at 50 per cent above the $0.13 per share issue price for shares under the placement.
Cashwerkz shares are trading grey, selling for 12 cents each today at 11:03 am AEST.