News and Announcements
Collaborate Secures Underwriting For $1.26 Million Of Listed Options
- Published February 10, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
- Existing Collaborate shareholders underwrite $1.26 million of listed CL8O options.
- $500,000 of funds to be advanced immediately to provide funding for operations.
- Anticipated drawdowns via the Flexible Equity Facility halted in preference to raising funds via exercise of options.
Collaborate Corporation Limited (ASX:CL8 or the Company) is pleased to announce that the Company has entered into agreements with existing sophisticated investors (Underwriters) to underwrite the exercise of 63 million of the Company’s quoted options (ASX:CL8O) (Underwriting Agreements), representing approximately 37% of CL8O options on issue. Originally targeting $1 million of underwriting, the Company is very pleased with the overapplication and support shown by the underwriters.
The Underwriting Agreements will guarantee that the Company receives $1.26 million (Underwritten Amounts) before costs and also grants the Underwriters a first right of refusal on any unexercised CL8O options. The underwriting places the Company in a strong financial position to drive growth of the peer-to-peer marketplaces, support the launch of Mobilise, pursue investment opportunities that align with the Company’s peer-to-peer strategy as well as supplement working capital.
To view the full ASX Announcement, please click here.
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