AI and e-commerce Company RooLife Group Raises Additional Funds Through Placement

  • Dec 12, 2019 AEDT
  • Team Kalkine
AI and e-commerce Company RooLife Group Raises Additional Funds Through Placement

Australia-based RooLife Group Ltd (ASX: RLG) offering fully-integrated digital marketing and customer acquisition services informed on 12 December 2019, further to its announcement on 10 December 2019, that it has received applications to raise an additional $431,498 under its current placement. The total accepted subscriptions under the placement of securities to sophisticated and professional investors now stand at $ 1,931,498 before costs.

Under the Placement, RooLife Group will now issue a total of 55,185,653 new fully paid ordinary shares at $0.035 each, together with one free attaching listed option for every two Shares (Options), with each Option having an exercise price of $0.05 per share and an expiry date of 31 October 2021.

As indicated earlier, the proceeds from this placement would be directed towards building on the strong growth that the company experienced throughout 2019 and achieve business expansion through marketing the product offerings in China, expansion of the new WMall online sales channel and additional brand acquisition as well as promotion of the company’s service to prospective clients at home in Australia.

The placement would be settled in two tranches-

  • Tranche 1: 27,935,950 new fully paid ordinary to be issued at $0.035 each under ASX Listing Rule 7.1 and 27,249,703 Shares will be issued under ASX Listing Rule 7.1A.
  • Tranche 2: 27,592,827 associated Options to be issued subject to shareholder approval at general meeting of shareholders expected to be held in January 2019.

For more details: RooLife Group raises $1.5 million; well Positioned to Grow Through December And Into Next Year

Stock Performance: With a market capitalisation of $11.7 million and ~ 285.44 million shares outstanding, the RLG stock settled the day’s trade on 12 December 2019 at $ 0.041. RLG has delivered a YTD return of 17.14% and a three-month return of 10.81%.


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