• Careteq raises $2.2M through a two-tranche placement
• Funds to be used for project acquisitions, debt repayment, and working capital
• Placement supported by new and existing institutional and sophisticated investors

Careteq Limited (ASX: CTQ) has announced that it has received commitments from new and existing institutional and sophisticated investors to raise approximately $2.2 million before costs through a two-tranche placement. The placement comprises an unconditional tranche to raise $193,000 via the issue of approximately 38.6 million new shares, and a conditional tranche to raise $2.07 million via the issue of 401.4 million new shares, subject to shareholder approval at an Extraordinary General Meeting. The new shares will be issued at a price of $0.005 per share, representing a 28.57% discount to the last closing price and a 49.96% discount to the 15-day VWAP. The funds raised will be used for project acquisitions, debt repayment, and general working capital purposes. Careteq will also seek shareholder approval for the issue of 50 million options to an advisor relating to the capital raise, with an exercise price of $0.015 and a two-year expiry.