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FLEXIROAM LIMITED — Capital/Financing Update 2020
Aug 10, 2020
64947_rns_2020-08-10_2186e8a3-71c7-460e-9801-ca43b54e86f8.pdf
Capital/Financing Update
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11 AUGUST 2020
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RIGHTS ISSUE CLOSES WITH STRONG SUPPORT
Flexiroam Limited (ASX: FRX) ( Flexiroam or the Company ) is pleased to advise that the fully underwritten 1-for-3 non-renounceable rights issue of fully paid ordinary shares ( New Shares ) ( Rights Offer ) closed on 7 August 2020 with strong support from its shareholders.
The Company advises that applications for 65,805,962 New Shares were received from eligible shareholders under the Rights Offer, raising $658,059.62 (before costs).
Summary of the Rights Offer
| Summary of the Rights Offer | ||
|---|---|---|
| Details | Number of Shares | AUD ($) |
| Number of New Shares available under the Rights Offer | 101,734,661 | $1,017,346.61 |
| Number of New Shares subscribed for under the Rights Offer | 44,997,601 | $449,976.01 |
| Number of Additional New Shares subscribed for under theRights Offer | 20,808,361 | $208,083.61 |
| Number of Shortfall Shares | 35,928,699 | $359,286.99 |
The shortfall of 35,928,699 New Shares ($359,286.99) will be placed with the Underwriter, Townshend Capital Pty Ltd. In accordance with the underwriting agreement disclosed in the Prospectus dated 14 July 2020, the Underwriter appointed Messrs Tat Seng Koh and Kay Yip Ng as sub-underwriters to sub-underwrite the Rights Offer.
It is expected that the New Shares and Shortfall Shares will be issued on Friday, 14 August 2020 once shortfall funds have been received. All New Shares will rank equally with existing fully paid ordinary shares on issue and trading on a normal settlement basis is expected to commence on Monday, 17 August 2020.
Flexiroam’s Chief Executive Officer, Mr Jef Ong, said “ We would like to take this opportunity to thank all our shareholders for their support and participation in this important capital raising. As a result, the Company will be well-positioned to deliver sustainable growth and realise its true potential through the development of its innovative global connectivity platform .”
AUTHORISED BY THE BOARD OF DIRECTORS
Investor Inquiries
Jef Ong, Chief Executive Officer Telephone: +61 2 8188 3919 Email: [email protected]
ABOUT FLEXIROAM
FLEXIROAM LIMITED (ASX: FRX) is a super connector providing vital links between touchpoints and information repositories. By leveraging on its global connectivity in more than 100 countries, Flexiroam brings together the lines of communication to facilitate information gathering. Its innovative technology can be used expansively by consumers requiring connectivity to stay in touch with people and enterprises seeking data links to enhance business processes. Flexiroam’s core capabilities are in research and development, scalable consumer app development, Big Data and Artificial Intelligence.
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