AI assistant
FLEXIROAM LIMITED — Capital/Financing Update 2019
Oct 15, 2019
64947_rns_2019-10-15_0ff5da76-006e-4ee4-bca2-0fa8c72bf1e7.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
16 OCTOBER 2019
==> picture [160 x 27] intentionally omitted <==
UPDATE ON ENTITLEMENT ISSUE
Flexiroam Limited (ASX: FRX , Flexiroam or the Company ) is pleased to provide the following update on its Renounceable Rights Issue to raise up to $1.21 million, first announced on 2 October 2019.
Following feedback from shareholders and agreement from Directors David Ong and Tat Seng Koh to partially underwrite the Renounceable Rights Issue for $220,000, the Company has raised the minimum subscription to $1.21 million. The underwriting is conditional only upon the Renounceable Rights Issue completing and the underwriting directors will not receive any fee for their commitment.
Commenting on the Rights Issue, Flexiroam Managing Director Jef Ong said: We are pleased that feedback on the offer is positive and that as a result Flexiroam’s Board has resolved to increase the minimum subscription to $1.21 million.
The proceeds from the Rights Issue will allow the Company to continue to invest in its innovative roaming solutions and new product development, long considered a strength of Flexiroam, in order to stay ahead of competitors and the market. Flexiroam eSIM was launched early this year and it has received very encouraging take-up from subscribers around the world. We look forward to updating shareholders of our progress over the coming months.”
Eligible shareholders can apply for shortfall shares in excess of their entitlement.
Trading of rights under the offer ends on 17 October 2019 and the closing date for acceptances is 24 October 2019 (subject to change, subject to the Listing Rules).
Further Information:
Email the Company at: [email protected]
ABOUT FLEXIROAM LIMITED
FLEXIROAM (ASX: FRX) FLEXIROAM (ASX: FRX) is a global connectivity provider offering data access to travellers across the world. Its service coverage spans across 130 countries with its access to over 580 network operators globally. Flexiroam is affiliated with over 100 travel industry partners including major international airlines to serve customers from over 190 countries and territories.
==> picture [307 x 44] intentionally omitted <==