Jackpot! Way2VAT secures AU$1.09m Placement, accelerates Smart Spend Debit MasterCard commercialisation - Kalkine Media

Highlights

• Way2VAT Limited has successfully secured commitments to raise AU$1.09 million under a placement.
• W2V has announced an SPP to raise another AU$500,000, which the Company’s Board fully supports.
• The funds raised under the placement and the SPP will be used to expedite the commercialisation of the recently launched Smart Spend Debit MasterCard.

Way2VAT Limited (ASX:W2V), a global leader in automated VAT/GST claim and returns solutions, in the latest key development has announced that it has secured firm commitments to raise funds for expediting the commercialisation of its Smart Spend Debit MasterCard.

The Smart Spend Debit MasterCard has been the talk of the hour for the Company. W2V claims that it is the global pioneer in providing and supporting a fully automated VAT/GST return spend card for businesses.

RELATED READ: Way2VAT to rollout world-first Smart Spend Debit Mastercard, targets four key sectors

Source: W2V Presentation

AU$1.09m Placement and AU$0.5m SPP

W2V has received firm commitments from new as well as current institutional and sophisticated institutional investors to raise AU$1.09 million, following support in a private placement of fully paid ordinary shares in W2V at an issue price of AU$0.051 per share.

Besides the placement, W2V will offer an opportunity for current shareholders to further invest on the same terms as the placement through a Share Purchase Plan (SPP), which will help in raising up to another AU$500,000. Current shareholders with registered addresses in Australia, Israel and New Zealand will be eligible for the SPP.

RELATED ARTICLE: Way2VAT (ASX:W2V) inks deal with Germany’s largest toy manufacturer

Data Source: W2V update

Image: Source: ©2022 Kalkine Media®

The Company’s Board completely supports the SPP. Messrs Amos Simantov and David Buckingham, the Directors of W2V plan to participate in the SPP.

Mr Robert Edgley (a director) has also committed to subscribe for another AU$10,000 worth of shares under the placement, at the placement price. However, this remains subject to shareholder approval.

ALSO READ: Way2VAT makes inroads into UK market with new Allocate deal

Utilisation of funds raised

The funds raised from the placement and the SPP will be directed towards Smart Spend Debit MasterCard initiatives. These include expediting the growth of the Card in the UK and European market. In addition, W2V also intends to use the funds for further growth opportunities and to meet working capital needs.

W2V plans to invest the funds raised in projects and activities that will expedite W2V’s growth and ability to compete more effectively in the global market. Following are some of the initiatives to expedite strategic priorities and strengthen the Company’s balance sheet:

Source: © 2022 Kalkine Media®

RELATED ARTICLE: Way2VAT (ASX:W2V) reports a blockbuster March quarter with strong sales momentum

Recent launch of Smart Spend Debit MasterCard

W2V has recently launched the Smart Spend Debit MasterCard in partnership with Railsbank. The unique features of the card fully automate VAT/GST returns from end to end for the SMB and Enterprise market.

The Company is aiming at diversified sectors, such as transportation, finance, software, manufacturing, and telecommunication under the initial rollout phase of the card. This is because these industries showcase wide range of capability and various uses that the Smart Spend Debit MasterCard has to offer.

ALSO READ: Way2VAT’s (ASX:W2V) latest partnership deepens its SMB product reach

Key SPP dates

The new shares issued under the placement and the SPP will rank equally with W2V’s current ordinary shares on issue. The settlement of new shares under the placement is expected to take place on 15 June 2022, while the shares under the SPP are expected to be settled on 8 July 2022.

Source: W2V Announcement 08/06/22

W2V stock was noted at AU$0.049 on 08 June 2022.