Wisr $10 million placement heavily overbid, upscales to $15 million

Wisr $10 million placement heavily overbid, upscales to $15 million

Wisr Limited (ASX: WZR), Australia’s first neo-lender, announces it has received commitments to raise approximately $15 million after costs via a placement of approximately 220 million shares. The Placement was oversubscribed and completed with the support of new and existing institutional, sophisticated and professional investors.
The issue price for the Placement is 6.8c per share, representing an 8% premium to the last traded price of the Company’s shares on 25 March 2019. The shares issued pursuant to the Placement will rank equally with existing ordinary shares of the Company.
The Company will issue shares for the Placement in two tranches. Settlement of Tranche 1 of the capital raise, for 134,767,857 shares, is expected within a few business days and Tranche 2 will be issued pursuant to shareholder approval, to be sought at an EGM to be held in early May 2019.
John Nantes, Chairman, said: “We want to acknowledge the ongoing support of our existing shareholders that have participated in the Placement, and welcome all new shareholders who will join the register as part of this capital raise which includes a new substantial shareholder. The Board also congratulate CEO Anthony Nantes and his team for an outstanding job with the Placement and for their continued and impressive achievements with our Wisr strategy.”
Anthony Nantes, Chief Executive Officer, commented: “The Wisr strategy and vision continues to be strongly supported as demonstrated by this Placement, and the capital raise acknowledges the successful transformation of our business model and confidence in the truly unique range of innovative products and services we are launching.”
“This additional capital will enable Wisr to continue its significant growth trajectory through investment in our proprietary tech platform, and further accelerate the roll-out of our strategic growth channels as part of the Wisr neo-lender system.”
“The capital raise will add balance sheet robustness, providing a strong foundation for Wisr to continue to take advantage of the huge opportunity in Australia to disrupt the incumbents, and deliver technology that gives consumers a smarter, fairer, wiser financial choice.”
This announcement effectively lifts the trading halt the Company requested on 26 March 2019. The Company is not aware of any reason why the ASX would not allow trading to recommence immediately.
The Placement was managed and arranged by Blue Ocean Equities.

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