I havent dug deep but this seems to me on the surface to have been a well completed placement raising $4.5M with a SPP to raise up to $0.5M.
Placement
Tranche 1 of the Placement comprises 136,363,636 UNT shares offered at $0.033 per share with attaching listed Options (ASX: UNTO) on a 1:1 basis exercisable at $0.06 expiring 25 July 2024 with approx. 45 million of the Options included within the Company's Placement capacity.
Tranche 2 comprises approx. 90 million UNTO Options and 12.5 million broker Options. Tranche 2 is subject to shareholder approval at a General Meeting on 31 March 2023.
Share Purchase Plan (SPP)
Eligible shareholders of UNT shares will be offered an opportunity to purchase up to $30,000 of New Shares at an Offer Price of $0.033 via a Share Purchase Plan. The SPP will seek to raise up to a maximum amount of $500,000. If total demand for the SPP exceeds $500,000 then the Board reserves the right to close the SPP early and scale back applications. Oversubscriptions will be handled by Board discretion. No brokerage or commissions are payable in respect of subscribing for shares under the SPP.
With UNITH having operated on a lean budget for the past three years while eliminating debt from our balance sheet, we have an excellent opportunity to capitalise on interest in our Talking Head platform where funds raised will be applied towards:
- Develop ChatGPT-driven conversational AI features into the Talking Head platform
- Adding the features will improve the software efficiency, both on the end user side and will remove friction on the client side, allowing easy onboarding on the platform.
- Accelerate development of the Talking Head platform, including sizing up the development team
- Increase sales capacity with additional roles flagged for the commercial team in line with scalability of the Talking Head platform
- Drive sales & marketing initiatives with allocated KPI-focused budgets to capitalise on rising B2B interest in conversational AI and generative AI business solutions
- General working capital and costs of the Placement
