AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Nvoi Ltd today released its capital raising plan to fund the ongoing development of its assets and meet its working capital requirements. The news sent the stock price to sky-rocket by 66.667% to stand at $0.005 on 8 March 2019 (1:40 PM AEST).
The Workforce-as-a-Service provider, Nvoi Ltd (ASX:NVO) announced the share placement of 103,737,653 shares to raise approximately $352,708 at an issue price of $0.0034 per new share. The company told that it has decided to raise funds via a share placement to the applications that it received from professional and sophisticated investors, adhering to the listing regulations.
In conjunction with the Placement, the Board has declared a right issue of 1 new share for every 1 share held by the shareholders as on the record date of 13 March 2019. It was placed via a non-renounceable pro-rata entitlement offer at an issue price of $0.003 per share, fully underwritten.
The Group targets to raise approximately $1,556,000 before costs from the right issue that is available only to the shareholders registered with the address of New Zealand or Australia. For this purpose, Nvoi has inked an underwriting agreement with Diamond Capital Partners Pty under which Diamond Capital has agreed to underwrite the Entitlement Offer in exchange of an underwriting fee of 5% of the funds raised.
Further, each Placement share will reportedly receive on a 1 for 1 basis, a fully vested Option with an exercise price equal to the share price of the placement shares, subject to shareholder approvals at the next AGM and an expiration date of 30 November 2024. However, the Share Placement will attract a broker fee of 5% of the funds raised plus 10,000,000 share options to the broker at an exercise price of $0.003 expiring 30 November 2022.
The report read that shares issued under the Placement and Rights Issue will rank equally with existing issued shares and shares not taken up by eligible shareholders in the Rights Issue will be taken up by the underwriter.
As per the schedule, the key date of the event includes dispatch of the offer document on 18 March 2019, issue of shares on deferred settlement basis 9 April 2019 and most importantly, the closing date of 8 April 2019.
The cloud-based staffing platform also provided an update on its partnership with IBM. Nvoi Ltd told that it has executed a Cloud Services Agreement and Statement of Work to commence testing integration of the IBM Watson Recruiter tool with the Nvoi Platform. With this integration, Nvoi is now able to use IBM Watsonâs AI and Machine Learning resources to expand the effectiveness of its quality matching, thereby sourcing suitable candidates to jobs. It has been understood that once Nvoi attains full production, it will offer this new embedded technology to all its clients via its Software as a Service platform.
Going forward, the Group intends to further collaborate with IBM to further enhance its technology and expand its market channel for future growth.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
