Source: Propell
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  • Fintech company Propell (PHL) launches a non-renounceable entitlement offer to raise up to $2.22 million
  • Participants will receive one new share for every 2.5 shares held as of April 26 at an issue price of 5.8 cents
  • The entitlement offer follows the $1.36 million placement announced in mid-April which saw more than 23 million shares issued to investors at 5.8 cents
  • Propell said it would use the money from both the entitlement offer and placement to support an increase in its leading facility and ongoing organic growth
  • Shares in Propell are up 5.17 per cent on market close and were trading at 6.1 cents each

Fintech company Propell (PHL) has launched a non-renounceable entitlement offer to raise up to $2.22 million.

Participants will receive one new share for every 2.5 shares held as of April 26 at an issue price of 5.8 cents.

If the entitlement offer is fully subscribed, Propell expects to issue approximately 38.1 million shares.

Shareholders may subscribe for additional shares beyond their entitlement on the basis that some participants may not take up their full entitlement.

If there is any shortfall beyond the allocation of the additional shares, Propell Directors have the right to place any shortfall to wholesale or exempt investors for up to three months.

The entitlement offer follows the $1.36 million placement announced to the market on April 13.

The placement funds were raised through the issue of 23,475,947 new ordinary fully-paid ordinary shares to sophisticated and institutional investors at 5.8 cents.

Propell said it would use the money from both the entitlement offer and placement to support an increase in its leading facility and ongoing organic growth.

Shares in Propell were up 5.17 per cent on market close and were trading at 6.1 cents each.

PHL by the numbers
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