Software-as-a-service solutions company, REFFIND Limited (ASX:RFN) has received commitments related to funding from sophisticated investors totalling nearly $880,000. RFN proposes to issue shares at a per-share price of $0.002, the last closing price on 17 July 2020.
In the first tranche, RFN will issue 220,000,000 shares under its existing placement capacity to raise $440,000. Moreover, the company will raise an additional $440,000 through convertible notes, subject to shareholder approval that the Company will seek to obtain as soon as possible.
Proceeds from the capital raising program will be employed towards accelerating sales growth, funding product development, meeting working capital requirements and the costs of the offer.
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