News and Announcements
ChimpChange Raises $10m
- Published May 19, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
ChimpChange Limited (ASX: CCA), Australia’s only listed digital banking platform, is pleased to announce the successful completion of a placement to institutional and sophisticated investors.
The Placement will raise approximately $10 million, through the issue of 13,888,889 new ordinary shares at an issue price of $0.72 per share. The Placement was managed by CCZ Corporate Finance Limited and Morgans Corporate Limited.
KEY TAKEAWAYS:
- Successfully completes oversubscribed placement raising $10 million
- Placement supported by a number of well respected Australian institutional fund managers including a cornerstone investment by Acorn Capital Limited
- ChimpChange now well-funded to accelerate customer acquisition, product development and finalise build-out of internal enterprise software development capabilities
ChimpChange’s Managing Director, Ashley Shilkin commented – “We are thrilled to have the support of a number of well respected Australian institutional fund managers as well as professional investors and welcome Acorn Capital as a substantial shareholder to the register.
Together with current funds and the Placement proceeds, the Company is now in a strong financial position to continue to execute on our stated objectives and continue the incredible growth we have been demonstrating since our listing ten months ago.”
ChimpChange shares are expected to resume trading today, Friday 19 May 2017. The Placement is expected to settle on 24 May 2017, with allotment the following business day.
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