Way2VAT undertakes A$1.3 million convertible notes raising
| Stock | Way 2 Vat Ltd (W2V.ASX) |
|---|---|
| Release Time | 13 Jan 2025, 9:36 a.m. |
| Price Sensitive | Yes |
Way2VAT raises A$1.3 million via convertible notes
- Company receives firm commitments for A$1.3 million convertible notes raising
- Proceeds to be used for working capital and financing facility
- Conversion of notes subject to shareholder approval
Way2VAT Ltd (ASX:W2V), a global leader in automated VAT claim and return solutions, has received firm commitments to raise A$1.3 million (before costs) via the issue of Convertible Notes to certain sophisticated investors and key shareholders of the Company including three top 10 shareholders. Each Note will have a face value of A$50,000 and the conversion of the Notes into fully paid ordinary shares in the Company will be subject to the Company obtaining shareholder approval. Funds raised from the Notes will be used primarily to fund general working capital and also to service the company's financing facility. Way2VAT CEO and Founder, Amos Simantov, stated that the funds will assist the company to continue the growth of its client base and revenue generation, and together with previous cost cutting measures, will help the company push towards an operating surplus as soon as possible.