Cashwerkz completes placement’s first tranche

Cashwerkz completes placement’s first tranche

Online cash management company Cashwerkz (ASX:CWZ) has completed the first tranche of its ongoing placement.

The placement, which the company first announced on May 6, 2020, is being completed in two tranches.

The first tranche, which was completed yesterday, comprised 25,110,577 fully paid ordinary company shares. Through the share issue, Cashwerkz raised $3,264,375, before costs.

The placement’s second tranche will issue a further 13,350,961 fully paid ordinary company shares. This will raise approximately $1,735,624 for the company, before costs. However, this second tranche is subject to shareholder approval, which the company will discuss at a general meeting around June 15.

If the shareholders approve the second tranche, the placement’s tranches will have issued a total of 38,461,538 shares. This represents 24.06 per cent of the total shares on issue before the placement.

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Source: Cashwerkz (ASX:CWZ) completes placement’s first tranche – The Market Herald