openn-negotiation-opn-asx-ticker-feature
Image: Canva, Openn Negotiation.
  • Firm commitments received from sophisticated and professional investors to raise $3M
  • Remainder to be through share purchase plan
  • Shares offered at 15 cents per share

Openn Negotiation (ASX: OPN) announced a capital raise this morning, with the funds to go towards the company’s several pilot programs across North America.

The raise target is $5 million, with the company announcing it has already received firm commitments from sophisticated and professional investors to raise $3 million through the issue of fully paid ordinary shares in the company at 15 cents per share (20 million shares).

The remaining $2 million will be raised through a share purchase plan at the same issue price.

“The Capital Raising assists in assuring the timely delivery of the multiple pilot programs that are being undertaken across Canada and the United States, to ensure Openn is well funded through to live transactions and commercial roll-out in North America,” said Openn MD Peter Gibbons.

Openn said the funds will be specifically used to:

  • Build out the North American operational team to fast-track expansion into North America;
  • Refine Openn Negotiation’s software platform to meet North American agent requirements;
  • Finalise partner integrations with consumer, broker, and agent enhancements that align with the company’s “go to market strategy, and
  • Costs of the placement and share purchase plan and general working capital purposes.

The placement price of 15 cents per share is a discount of 11.8% to the last close on 29 June 2022.

Settlement of the Placement is scheduled to take place on Monday, 11 July 2022, on which date the Company will issue:

  • 621,388 new shares under the Company’s Listing Rule 7.1 capacity, and
  • 19,378,612new Shares under the Company’s Listing Rule 7.1A capacity.

The company opened trading today at 17 cents, and was trading at 15.5 cents at the time of writing.

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