YPB Group Ltd (ASX: YPB) announced an A$1.5m capital raise
YPB Group Ltd (ASX: YPB) has announced that it has received a firm commitment to raise A$1.5m from professional and sophisticated investors whereby the Company will issue, and the investors will scrub for, an aggregate of 1,500,000 convertible notes, together with 52,500,000 free attaching options each with an exercise price equal to a 40% premium of the 14 trading day VWAP of the Shares immediately prior to the date of issue and expiring two years from the date of grant (on the basis of thirty-five free Options for every one Convertible Note, on a post consolidation basis) to raise approximately A$1.5m (before costs). The funds raised will be used for technical development of MotifMicro, marketing and business development of products, working capital and to cover the costs of the convertible note raising.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.
Following the announcement, shares in YPB Group Ltd traded flat at A$0.002share.
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