Way2VAT completes A$4.25 million Placement and launches A$1.0 million Share Purchase Plan

Way2VAT Ltd announce that it has received firm commitments from new and existing institutional, professional and sophisticated investors to raise approximately A$4.25 million (before costs), to be completed via the issue of approximately 193.2 million fully paid ordinary shares in the company (Placement Shares) at an issue price of A$0.022 per Placement Share (Placement).

The Placement will take place in two tranches as follows:

Tranche 1 – the Company will issue approximately 95.3 million Placement Shares at an issue price of A$0.022 per Placement Share, raising a total of approximately A$2.1 million (before
costs) (Tranche 1 Placement); and
Tranche 2 – subject to shareholder approval, the Company proposes to issue an additional approximately 97.9 million Placement Shares at an issue price of A$0.022 per Placement
Share, raising a total of approximately A$2.2 million (before costs) (Tranche 2 Placement).

The Placement also includes the offer, to be made pursuant to a prospectus, of two free attaching options, exercisable at A$0.033 and expiring on 28 February 2026, for every three Placement Shares issued (Placement Options). The issue of Placement Options is subject to shareholder approval to be sought at a shareholder meeting expected to be held on or around Monday, 8 April 2024 (General Meeting). The company proposes to seek quotation of the Placement Options, subject to satisfying the quotation requirements of ASX.

The company will also, subject to shareholder approval, undertake a share purchase plan to existing shareholders with registered addresses in Australia, New Zealand, Israel, Hong Kong, Thailand and Singapore to raise up to an additional $1 million (before costs) (SPP), providing an opportunity for existing eligible shareholders to further invest on the same terms as the Placement.

The proceeds from the Placement and the SPP will primarily be used for working capital purposes and to accelerate recent company initiatives undertaken to expedite the pathway to profitability. In addition, the funds will be used to fund any potential further growth opportunities.

Way2VAT CEO Amos Simantov commented: “We are extremely pleased with the response to the capital raising and sincerely appreciate the support from existing and new shareholders. We were also pleased to see demand for the placement significantly exceed the size of the offer. This transaction ensures we are well capitalised to capture the extremely vast opportunity for global VAT/GST reclaims and services”.

Bell Potter Securities Limited are acting as lead manager and bookrunner to the capital raising.

The article Way2VAT completes A$4.25 million Placement and launches A$1.0 million Share Purchase Plan first appeared in TravelDailyNews International.