ASX-listed fintech Identitii to raise $1.8 million
ASX-listed Identitii have announced that it has received binding commitments to raise a total of $1.8 million via a well-supported placement with bids received from sophisticated and institutional investors far exceeding the total amount.
Under the Placement, the Identitii will issue 112,500,000 new fully paid ordinary shares (New Shares) at an issue price of $0.016 per share to raise $1.8 million before costs. The New Shares will rank equally with the existing ordinary shares on issue.
Additionally, subject to shareholder approval early in the new year, the company will issue one bonus option for every two New Shares, exercisable at $0.03 and expiring two years from issue. Should the options be exercised, it will raise up to an additional $1.7 million in working capital.
Identitii expects the New Shares will be issued on 26 November 2024.
Commenting on the announcement, John Rayment, CEO of Identitii, said, “We are thrilled with the strong support we received for the Placement and are excited to welcome new institutional funds and strategic investors to our share register. We are pleased that investors have recognised the progress made with the claim for patent infringement in the United States, and the strategic importance of strengthening the balance sheet in order to continue pursuing this. Alongside this significant opportunity, we continue to invest in the Identitii platform and will use the additional capital to fund ongoing sales and product development of the platform.”
Use of Funds
The Placement will provide Identitii with additional capital to focus on its key objectives as follows:
- Pursuit of claim for patent infringement against JP Morgan Chase, filed in the United States District Court for the District of Delaware;
- Continued development of Identitii platform; and
- Global sales and marketing of Identitii platform.
SP Corporate Advisory (Spark Plus) acted as lead manager on the Placement, attracting strong demand from institutional funds and strategic investors.
