Opyl Ltd (ASX:OPL) has received commitments for a placement of up to 7.388 million fully paid ordinary shares at a price of 10 cents per share to raise around $730,000 before costs.
This oversubscribed placement was well supported by new and existing shareholders and the company is pleased to welcome the new investors on to the register.
The placement price is a 23.1% discount to the last closing price of Opyl’s shares on June 17, 2020, and a 20.4% discount to the 15-day VWAP.
Shares will be issued under the company’s current capacity pursuant to ASX Listing Rule 7.1 (4,432,800 shares) and 7.1A (2,955,200 shares).
Funds raised will be used for working capital to build the company team as it expands with new business contracts across its digital and social media platforms.
In May, the company signed two new contracts that are expected to increase revenue over the following three quarters.
Opyl also has several active additional proposals in the market as a result of an intensive business development campaign collaborating with huumun.
Shares today have traded in the range of 10.5 to 12.5 cents.