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  • Online stock trading business SelfWealth (SWF) receives firm commitments to undertake a $10 million placement
  • On July 15, the company announced it was wanting to raise $12 million to speed up its growth strategy and begin offering cryptocurrencies
  • Approximately 25.6 million new fully paid ordinary shares will now be issued to new and existing shareholders at 39 cents each
  • The remaining $2 million will be raised through a share purchase plan which is expected to open on July 23
  • SelfWealth closed down 8.14 per cent with shares trading at 39.5 cents

Online stock trading business SelfWealth (SWF) has received firm commitments to undertake a $10 million placement.

On July 15, the company announced it wanted to raise $12 million to speed up its growth strategy and begin offering cryptocurrencies.

The $12 million will be raised through a $10 million placement and $2 million share purchase plan (SPP).

Approximately 25.6 million new fully paid ordinary shares will now be issued to new and existing shareholders at 39 cents each.

This price represents a 9.3 per cent discount to SelfWealth’s last close of 43 cents on July 14, a 5.4 per cent discount to the five-day volume-weighted average price and a 13.6 per cent discount to the 30-day volume-weighted average price.

Shares are expected to settle on July 21 and be allocated on July 22.

CEO Cath Whitaker is pleased with the support received as the company can now begin focusing on its growth.

“We are excited to be entering this new stage of growth, with the proceeds from the placement allowing us to accelerate our strategy and continue to improve on the user experience for our members, delivering value and fairness the Australian investors,” Ms Whitaker said.

SelfWealth will now offer eligible shareholders the ability to participate in the share purchase plan to raise the remaining $2 million.

While the exact amount is yet to be disclosed, shares will be priced lower than the placement, 39 cents, or have a 2.5 per cent discount to the five-day volume-weighted average price.

Eligible shareholders will be able to acquire up to $30,000 worth of shares without incurring any brokerage or transaction costs.

The SPP is expected to open on July 23, close on August 6 and shares will be allocated on August 12.

SelfWealth closed down 8.14 per cent with shares trading at 39.5 cents.

SWF by the numbers
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