- Digital health company, 1st Group has completed a $2.6 million placement
- This will see the company launch SPP enabling eligible shareholders to increase holding by up to $15,000
- Funds raised under the Placement and SPP will be used to support further growth, additional sales and marketing capability, working capital requirements and technology development
Digital health company, 1st Group Limited has announced obtaining commitments from institutional, sophisticated and professional investors for a placement of 65,362,500 fully paid ordinary shares. The placement will raise approximately $2.6 million before costs.
Ist Group has also announced the launch of a Share Purchase Plan, enabling shareholders of the Company to apply for new paid ordinary shares at an issue price of $0.04 per SPP Share, to increase its holding by up to $15,000. The SPP will not be underwritten.
This is an exciting time for 1st Group as funds raised under the placement and SPP will be used to support further growth, additional sales and marketing capability, working capital requirements and technology development – specifically that of its digital platforms: MyHealth1st, PetYeti.com and GoBookings.com.
CEO Klaus Bartosch stated, “I am delighted with the strong support shown by current and new investors for 1st Group. We have significant momentum reflected in our recent announcements and look forward to those investors joining us on this exciting journey.”
The SPP is scheduled to open on 20 May 2019 along with the dispatch of the SPP Offer Booklet. The SPP will close on 10 June 2019.