News and Announcements
JustKapital Ltd (ASX: JKL) Completes Private Placement at AUD$4.4 Million
- Published November 07, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- JustKapital Limited enabled experienced and professional investors to obtain 31,453,280 new ordinary shares at AUD$0.14 per share
- The completion of the placement is designed to be fulfilled in two tranches.
- JustKapital is to offer a working capital and pay the due diligence and costs of the transaction.
JustKapital Limited, the leading litigation financing provider offering disbursement funding solutions to plaintiffs, welcomes many institutional investors to be part of its register. The company enabled experienced and professional investors to obtain 31,453,280 new ordinary shares, which are fully paid. The new shares will be issued at a price of A$0.14 each. The capital raising has been a huge success, raising AUD$4.4 million, thanks to the great support offered by the existing investors.
The completion of the placement is designed to be fulfilled in two tranches. The first Tranche will comprise of 18,871,968 New Shares set to be distributed under the company’s 15% placement capacity. This is based on the ASX Listing Rule 7.1. On the other hand, the second Tranche will comprise of 12,581,312 New Shares set to be distributed upon the approval of a shareholder at a general meeting to be held in December 2017 organized by JustKapital.
Following a successful Placement, JustKapital intends to offer working capital for its continued growth and pay the due diligence and costs of transaction related to the procurement of the National Health Finance by the funds raised.
Liable to shareholder approval, the Tranche 1 New Shares are expected to be distributed on Wednesday 8 November 2017 while the Tranche 2 New Shares are expected to be distributed on Monday, 11 December 2017.
With regard to the proposed 70% procurement of the National Health Finance of the company, all the other terms stay the same as disclosed to the market previously.
About JustKapital Ltd (ASX: JLKL)
JustKapital Limited is a leading provider of financing solutions for Litigation. These solutions include case funding, disbursement funding and adverse cost insurance. JustKapital provides a leading litigation funding offering to finance plaintiffs with meritorious legal claims. The disbursement funding solution provides a financing option to SME law firms who require funding for third-party costs on behalf of their clients.
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