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- As per the Placement, VHT will issue a total of 30,000,000 new shares. Of which, 17,980,015 new shares will be issued under VHTâs placement capacity as per the regulation. New shares issuance will result in the following dilution to existing Volpara shareholders:
- The funds raised from the Placement will be deployed to fund the purchase price under a merger agreement for the acquisition of MRS Systems, Inc. (a US-based company) and to fund further organic growth. The company is also undertaking an Entitlement Offer for existing Volpara shareholders.
- The Placement is fully underwritten by Bell Potter Securities Limited who will receive fees comprised of a management and advisory fee and an underwriting and selling fee, equivalent to 4.75% of the dollar amount raised by the issue of the New Shares under the Placement.
- Additionally, the fees payable to the underwriter is expected to incur costs and expenses of ~$120,000 with regards to the Placement.
EXL Raised $50 Mn to Accelerate US Expansion
The company today, on 05th June 2019, updated about the successful completion of an institutional placement (Placement) to fund its ongoing expansion activities, with a focus on growing its USA CBD business. The company will issue ~12.8 million shares at $3.90 per share, indicating an 8.7% discount to the last closing price as at 3rd June 2019. The Placement represents 10.3% of the EXLâs shares on issue prior to the Placement.
Purpose for the Placement
The proceed will be deployed to:
- Continue global expansion plans, with a focus on the USA CBD market;
- Provide working capital as part of continued expansion;
- Expand the Elixinolâs production facilities in Colorado, USA by an additional ~23,000 square feet to more than double the companyâs current production capacity; and
- Undertake the strategic acquisitions, if any, and enter JV in the selected markets.
In todayâs trading session, the stock made a low of $3.800 and managed to close at $3.950, down 7.494% (as on 05th June 2019). The stock has appreciated significantly with a gain of 154.17% in the last one year. From a short-term perspective, the stock has risen ~21% in the last three months.
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