News and Announcements
LatAm Autos Raises $5.5M & Launches SPP
- Published December 13, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Key Takeaways:
- Participating shareholders under the new placement are entitled an exercisable rate of A$0.17 valid until December 31, 2019.
- The funds will be used for implementing complex marketing strategies, enhancement of technological platforms, payment for human resources expenditure, and more.
- Share Purchase Plan to open on 12th December with an issue rate of A$0.14 per share.
LatAm Autos (ASX: LAA) proudly announces the outstanding completion of their capital raise. The completion amount is worth A$5.5 million and will result in the placement of 39.3 million new ordinary shares with an issue price of $0.14 for every new share commenced.
Every new option will be tagged at an exercise price of A$0.17 allowing the holder an acceptance of one fully paid ordinary share and the agreed validity is on or before December 31, 2019. In harmony to the placement, all of the directors of the company together with the CEO and CFO mutually subscribe for the 5.9 million new shares. Issuance of the new shares or new options require the necessary shareholder approval as well. The tentative meeting set up for shareholder approval is believed to be in the first part of 2018.
The proceeds via the placement have several usages as aimed by the company. Such denotes its vast contribution for the company’s complex marketing strategy implementations, enhancement of technological platforms, payment for human resources expenditure, support extra engagements in capital and lastly, to pay all relevant costs incurred with the aforesaid placement. The company targets to consciously improve the upselling of all products aside from the conventional advertising methods commonly used.
All qualifying shareholders with a registered address in Australia or New Zealand have also been offered an opportunity to participate in new shares via the share purchase plan for every share worth the issue price of A$0.14. The opening for share purchase plan starts from December 12, 2017 to December 22, 2017.
LatAm Autos Ltd (ASX: LAA)
LatAm Autos (ASX: LAA) owns the leading automotive classifieds websites in Argentina, Mexico, Bolivia, Ecuador, Peru and Panama; and automotive magazines in Argentina, Mexico, Ecuador, Peru and Panama as well as a regional content website.
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