News and Announcements
Omni Market Tide Funding Secures Additional Funding Support & Set To Raise $1.3m
- Published April 13, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
OMNI MARKET TIDE’S corporate objective is to be the leader in the Digital Engagement in Australia. It will achieve this by continuing its business to drive the development of OMT’s technology platform and migrate companies both listed and unlisted onto it, to enable the clients of OMT to engage digitally with their stakeholders in ways that have never been done before, while at the same time providing a very unique and valuable end user (being investors) experience.
KEY TAKEAWAYS:
OMT’s release of Its Audited Financial Report and Annual report on 3 April 2017, the Company is pleased to advise that is has now:
- Secured additional funding support of $150,000 from Mr Glenn Vassallo, the chairman of the Company; and
- Executed a conditional mandate to raise up to $1,300,000 In funding through equity as outlined in the going concern not on page 49 of the Audited Financial Report.
The sequence of the funding steps for the Company are as follows:
- Mr Glenn Vassallo has agreed to immediately loan the Company $150, 000 at no interest which will become a convertible note subject to shareholder approval and will convert at 2.5 cents per share post-consolidation basis. Shareholder approval will be sought at the forthcoming Annual General Meeting in late May 2017.
- The existing unsecured convertible note holders totalling $250, 000 will also convert at 2.5 cents per share on a post-consolidation basis. On a post consolidation basis (and subject to shareholder approval if it is required), a total of 16 million shares will be issued from converting the existing unsecured convertible notes and Mr Glenn Vassallo’s new convertible note; and
- A mandate to raise capital has been executed with Forrest Capital to raise $1,300,000 at 1.25 cents per share following a proposed 10:1 share consolidation. The Placement will be settled upon receiving shareholder approval at the forthcoming Annual General Meeting in late May 2017. Transaction costs for the placement are 6% of funds raised together with the grant of 35 million unlisted options at an exercise price of 2.5 cents expiring March 2021.
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