News and Announcements
Collaborate Corporation Enters New Stage of Development Following Record Results, RACV Investment & Raising $3.5m
- Published May 15, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Collaborate Corporation Limited (ASX: CL8) is pleased to report key performance metrics for April 2017 and provide an update on the company’s strategic focus. Collaborate is now entering a new stage of its business development which includes further scaling its technology platform, leveraging the growing number of strategic partnerships and tactically deploying its significantly increased cash reserves.
KEY TAKEAWAYS:
Business Performance Highlights- DriveMyCar
- Following record results in March 2017, DriveMyCar exceeded those results to achieve new monthly records in April 2017.
Corporate Update
- $1,000,000 strategic investment received from RACV.
- $3,500,295 raised via the exercise of 100% of CL80 options. (including $58,504 raised from options exercised in September 2015).
- $500,000 in funds advanced by underwriters in February 2017 have been used to exercise options or to fulfil obligations under the underwriting agreements. Collaborate has nil debt.
- Option underwriting fees and interest on the advances have been paid to the underwriters. Full details of the underwriting arrangements and advances were announced to the ASX on 10 February 2017.
Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia’s leading listed company focused on ‘collaborative consumption’, ‘peer-to-peer’ or ‘sharing economy’ businesses. Collaborate currently has two ore business segments: www.DriveMyCar.com.au Australia’s leading peer-to-peer car rental business and www.MyCaravan.com.au in 2017, a rental marketplace for under-utilised assets. Collaborate has a material investment in FundX, a peer-to-peer invoice discounting SME lending platform. Through our proprietary trust and reputation platform, www.peerpass.com.au the company is focused on creating ‘trust’ between individuals and make it possible for people to safely transact with each other in the sharing economy.
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