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- Fintech company Way2VAT (W2V) receives firm commitments to raise $1.09 million via a private placement
- More than 21.17 million shares will be issued to institutional and sophisticated investors at a price of 5.1 cents
- Way2VAT is also offering is eligible shareholders the ability to participate in a share purchase plan to raise a further $500,000
- The company will use the money to invest in projects and activities that will speed up its growth and ability to perform in the global market
- Way2VAT ends the day 15.3 per cent in the red with shares trading at 5 cents
Fintech company Way2VAT (W2V) has received firm commitments to raise $1.09 million via a private placement.
To raise the funds, 21,176,470 shares will be issued to institutional and sophisticated investors at a price of 5.1 cents.
This price represents an 18.5 per cent discount to Way2Vat’s five-day volume-weighted average price of 6.26 cents.
Shares are expected to settle on June 15 and be allocated on June 16.
Way2VAT is also offering is eligible shareholders the ability to participate in a share purchase plan to raise a further $500,000.
Eligible shareholders will be able to acquire up to $30,000 worth of shares which will be priced the same as the placement of 5.1 cents.
The plan will open on June 20 and close on June 21 with shares to settle on July 8 and begin trading on the ASX on July 12.
Way2VAT will use the money from both the placement and share purchase plan to invest in projects and activities that will speed up its growth and ability to perform in the global market.
Specifically, the company will expand the marketing and distribution of the Smart Spend Debit MasterCard in the UK and Europe, and invest in the development of its proprietary technology.
“The funds raised will support the expansion of our growth initiatives in the timeframe we have forecast. Feedback from customers already using the Smart Spend Debit MasterCard has been positive as it saves both time and effort by controlling spending as well as managing VAT/GST claims all in the one platform,” Founder and CEO Amos Simantov said.
“The need for Way2VAT’s Smart Spend Debit MasterCard is growing as more enterprises are resuming business travel.
“With local and foreign travel demand increasing, we see this as a great opportunity to promote the Card as it will significantly benefit the way businesses manage their expenses and VAT reclaims.”
Way2VAT has ended the day 15.3 per cent in the red with shares trading at 5 cents.
