Swift Media fields commitments from institutional and professional investors to raise $1.55 million
Thursday, 17 October 2019 Swift Media Ltd (ASX:SW1) has received firm commitments to raise $1.55 million through a placement of more than 10.751 million shares to institutional and professional investors. The company will also offer eligible shareholders the right to participate in a share purchase plan (SPP) to raise up to a further $1 million. Proceeds from the placement and SPP will be used to strengthen Swift’s financial position as it transitions to the new growth strategy focused on building scale and profitability in the key target verticals of resources, aged care and health & wellness. “Well supported by key shareholders” Chairman Darren Smorgon said: “We are pleased to successfully complete the equity capital raise from institutional and professional investors as we take Swift into the next chapter of growth. “The raise was well supported by key shareholders, directors and management, including our CEO Pippa Leary and myself. “Swift has a growing pipeline of timely sales opportunities, a number of which are expected to convert in the coming months. “We are also launching exciting new products specifically tailored to meet the specific customer requirements in our key verticals.” Placement details The placement was undertaken at an issue price of 14.5 cents per share, representing a discount of 6.5% to Swift’s last closing price on October 14 and 14.2% to the 15-day VWAP of 16.9 cents. Shareholder approval will be sou7ght at a general meeting for the issue of shares under the placement to certain directors of the company. Settlement of the placement is expected to take place on October 21. The right to participate in the optional SPP will be available to eligible shareholders who were registered holders of ordinary shares on the record date of October 16, 2019, with a registered address in Australia or New Zealand. Eligible shareholders will be given the opportunity to subscribe for new shares at the issue price of 14.5 cents per share up to a maximum of $30,000 per shareholder.
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