Vection Technologies Ltd (ASX:VR1) announced today it has received firm commitments, from predominantly
technology focused domestic and international institutional investors, for an equity funding round of $12 million (Placement).
Highlights:
? Placement to build capacity for growth, with Australian and global institutional investors joining the Company’s share register
? Acceleration of aggressive global acquisition strategy targeting the XR & metaverse enterprise technology sector,
anticipating the fierce competition of global technology corporations looking for XR & metaverse exposure
? Aligns with Vection’s history of acquisitions
? Strengthened balance sheet post Placement with ~$20 million cash on hand
“Vection Technologies’ Board of Directors have received this overwhelming institutional investor interest with support, combining a stronger balance sheet with a clear alignment of M&A and corporate strategy to yield compelling returns for all stakeholders.
We are pleased to welcome these high-calibre investors to our Company” said Gianmarco Biagi, Managing Director of Vection Technologies.
“As we anticipate increased M&A interest in the XR & metaverse space, we believe that building size is a critical stepping stone for the global success of Vection Technologies and its stakeholders. This strategic funding round will enable the Company to aggressively target M&A transactions globally, aligned with our strong history of well-executed acquisitions with a keen focus on our shareholders interest.”
The Placement of $12 million (before costs of the offer) will be completed through the issue of 60 million fully paid ordinary shares (Shares) at an issue price of 20c per Share. The Placement is expected to settle on Thursday 2 December 2021.
The Placement Shares are proposed to rank equally with the existing shares of the Company.
