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VECTION TECHNOLOGIES LTD — Capital/Financing Update 2019
Mar 26, 2019
66017_rns_2019-03-26_b91bb6ef-bb96-41c4-b765-e39e8580e03f.pdf
Capital/Financing Update
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ASX RELEASE
International & Domestic Roadshow Completed with Firm Commitments Received for $2M Placement
27 March 2019 | Perth, Australia
ServTech Global Holdings Limited ( ServTech or the Company ) ( ASX:SVT ) is pleased to advise that it has now completed its investor roadshow covering key domestic and international investment centres. Significant interest was registered, and firm commitments were received to fully subscribe for the supporting placement (Placement) to the proposed acquisition of leading Software Development/Virtual Reality Company – Vection .
The firm commitments received for the Placement – which exceeded the $2M target, are a strong endorsement of the Vection acquisition and an indication of the significant interest in ServTech following the acquisition. It also provides certainty for shareholders of the path forward.
The acquisition of Vection and the Placement will be considered by shareholders at the upcoming 11 April 2019 General Meeting. If approved, the Placement of 111,111,111 Shares at $0.018 to sophisticated and professional investors will raise $2,000,000 before costs. The indicative timetable for the acquisition of Vection is provided below:
Indicative Timetable:
| Event | Date |
|---|---|
| Dispatch of Notice of General Meeting | Tuesday, 12 March 2019 |
| Date of General Meeting | Thursday, 11 April 2019 |
| Proposed Completion of Vection Acquisition (and Placement) | Friday, 12 April 2019 |
- ENDS –
| For more information: |
For media enquiries: |
|---|---|
| Bert Mondello | MMR Corporate Services |
| Non-Executive Chairman | |
| +61 8 6380 2555 | +61 2 9251 7177 |
| [email protected] | [email protected] |
About ServTech (ASX:SVT):
ServTech is a software company developing technologies utilised to disrupt traditional, self-limiting business models through the implementation of specialised software solutions, allowing companies to focus on their core revenue-generating businesses, reducing overheads and improving efficiency and scalability. ServTech operates on an Enterprise business model based on bespoke fees and on a Software as a Service (SaaS) business model based on recurrent subscription revenue.
www.servtechglobal.com.au
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