Total
0
Shares
LiveTiles (ASX:LVT) - CEO & Co Founder, Karl Redenbach
CEO & Co Founder, Karl Redenbach
Source: Australia Unlimited
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • LiveTiles (LVT) will receive $10 million in additional funding over three and half years after locking in a debt facility with OneVentures
  • The workplace software business plans to use the funds to help grow its business further, including launching new products
  • Under the loan, $6 million will be immediately granted to LVT while an additional $4 million convertible note facility is also available
  • The notes have an exercise price of 20 cents per share, while a 13.5 per cent interest rate applies to the loan before the rate drops pending approval
  • Shares in LVT are 3.70 per cent in the green at 14 cents per share at 12:50 pm AEST

LiveTiles (LVT) will receive $10 million in extra funding over three and half years after locking in a debt facility with OneVentures.

The Sydney-based venture capital firm will hand over the funds via two tranches, with the money to go towards LVT’s future growth.

Under the loan conditions, the workplace software business plans will receive $6 million from OneVentures immediately.

After that, LiveTiles will seek approval from its shareholders and the ASX for a $4 million convertible note facility.

The notes will convert to ordinary shares, with an exercise price of 20 cents each, a 35 per cent premium to LVT’s 30-day average weighted share price.

Additionally, the company’s loan will attract a 13.5 per cent interest rate which can drop to 9.5 per cent once shareholder approval is granted for the note facility.

Commenting on today’s debt facility announcement, LiveTiles Co-Founder and CEO Karl Redenbach said it would fuel the company’s growth in the future.

“We are pleased to be working with OneVentures, a leading Australian Venture Capital firm and lender that understands our business and is fully supportive of our growth initiatives and investments strategy,” Mr Redenbach said.

“The new facilities are very timely and help set the Company up to achieve its stated strategic goals.”

OneVentures Partner Nick Gainsley echoed the CEO’s comments, stating he was confident the funds would be put to good use.

“We are pleased provide this credit facility to LiveTiles and join them on their journey,” Mr Gainsley said.

“LiveTiles is a market leader in the employee experience space where we see significant global growth potential as organisations seek ways to better communicate with increasingly distributed workforces and enable digital interaction.”

Shares in LVT were 3.70 per cent in the green at 14 cents per share at 12:50 pm AEST.



LVT by the numbers
More From The Market Herald
Nuix (NXL) - Outgoing Group CEO Rod Vawdrey

" Nuix (ASX:NXL) appoints new members to its board

Nuix (NXL) has seen a company reshuffle, appointing new members to its board.

" AL3D (ASX:AL3) sells Arcemy 3D printer to University of Queensland

AL3D Limited (AL3) has sold one of its Arcemy WAM printing units to the University of Queensland (UQ) for around $400,000.

" EP&T Global (ASX:EPX) forecasts 85pc ARR growth for FY22

EP&T Global (EPX) expects the company’s annualised recurring revenue (ARR) to grow by 85 per cent in the 2022 financial year.

" Structural Monitoring Systems(ASX:SMN) shakes up board amid $10m capital raise plan

Structural Monitoring Systems (SMN) has announced a board restructure and plans to continue with a $10 million capital raise.