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OpenDNA Limited (ASX:OPN) is a group company which provides services like digital marketing and customer acquisition services to increase online sales of products and services for its client. It provides real-time targeted marketing through its OpenDNA hyper-personalisation and profiling artificial intelligence system. The company is focusing on Australian and Chinese market through its Roolife online e-Commerce marketplace which helps the businesses to sell their products directly to Chinese consumers and accept payment via Wechat and Alipay.
On 15th April 2019, the company announced that is has closed the capital raising which had been successful and oversubscribed. It has accepted subscriptions under placement of securities to sophisticated and professional investors to raise $2,000,000 before costs. Under this placement, a total number of 50 million new fully paid ordinary shares will be issued by the company at a price of $0.04 per share. The placement also comes with one free attaching listed option for every two Shares with each option having an exercise price of $0.05 per share and an expiry date of 31st October 2021. Triple C Consulting Pty Ltd will be the lead manager of the placement and OpenDNA has agreed to issue 3,000,000 Options as a fee associated with the Placement to Triple C.
There will be two tranches of the placement. The first tranche of the placement will be completed, and new shares will be issued in the next few days utilising the Companyâs existing placement capacity under ASX listing rules 7.1 and 7.1A. All of the new shares will rank equally in all respects with the existing fully paid ordinary shares in the Company.
In the first tranche, a total of 33,333,333 new fully paid ordinary shares will be issued at the price of $0.04 per share attached with 16,666,667 options with the exercise price of $0.05 and an expiry date of 31st October 2021. Out of these securities 20,687,413 shares will be issued under ASX listing rule 7.1A and the remaining shares and options will be issued under listing rule 7.1. In total the first tranche will raise $1,333,333 before costs.
In the second tranche of placement, a total of 16,666,667new fully paid ordinary shares will be issued at the same price of $0.04 per share attached with 8,333,333 options with the same exercise price and expiry date. The total proceeds for the second tranche will be around $666,667 before costs. The second tranche is subject to shareholdersâ approval which the company will seek in the at a general meeting of shareholders to be held in May 2019.
The proceeds from the placement will be used towards fund expansion of the RooLife platform and services, and general working capital.
On 8th April 2019, the company signed an agreement to extend its payment processing facility with Novatti. On the course of rapid business expansion the company started selling Australian tour packages as announced on 14th March 2019 and started selling Honey on the same platform with signed agreement with Eve Investment Meluka Honey on 13th March 2019.
The market capitalisation of the company is A$8.9 million. On the technical front, the stock fell by 6.9% on ASX and traded at an intraday low of A$0.04 as of 15th April 2019 (AEST: 3:25 PM). In the last six months, the stock has given a return of 7.5% while YTD return stands at 22.8%.
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