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DomaCom Ltd

DomaCom secures $500,000 placement from institutional investor

The company announced in April it had grown funds under management (FUM) to a $50 million milestone, an increase of 20% since January 31, 2019.

DomaCom Ltd - DomaCom Ltd secures $500,000 placement
DomaCom launched a Senior Equity Release (SER) product in June this year

DomaCom Ltd (ASX:DCL) has received a binding commitment from an institutional investor for a share placement to raise $500,000.

The funds raised will be used to drive the company’s continued growth including investment in its platform, growing sales in the accumulation and retirement markets through innovative products and general working capital requirements.

“Pleasing” to receive support

DomaCom chief executive officer Arthur Naoumidis said: “It is pleasing to have received the support of a new institutional investor at this pivotal time in our history and I now look forward to focusing on growing our business.”

The company’s investment platform aims to provide investors with the opportunity to make fractional investments in a range of asset classes including property, mortgage-backed securities and debt securities they choose through a unique trust structure.

Placement details

A total of 6.7 ordinary shares will be issued at 7.42 cents per share under the placement, which is made using the capacity available under ASX Listing Rules 7.1A

This allows DomaCom to raise up to 10% of eligible fully paid ordinary shares and therefore allows the issue of up to 16,179,311 without shareholder approval.

The placement has been carried out using Ascot Securities Pty Ltd as the broker.

Settlement and issue of shares will occur on or before Friday, September 13.

Quick facts: DomaCom Ltd

Price: $0.08

Market: ASX
Market Cap: $14.06 m
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