Looking very good: CR @$1.30. As expected, tight discount
Cornerstone investor ~9.99% providing $45M (subject to shareholders approval)
Other instos $45M
AFR Street Talks update:
Raising terms have landed for listed instalments payments business Splitit Payments' $100 million cash call.
The company – which went into a trading halt on Monday for a capital raising – split the offer between a two tranche placement to raise $90 million and a share purchase plan to snare the balance.
Theofferwas priced at $1.30 a share, which represented a 4.8 per cent discount to Splitit's last close and a 7.7 per cent discount to the five-day VWAP, according to the term sheet sent to funds.
Tranche one of the placement would raise $45 million and the second tranche – which was subject to shareholder approval – would raise the other $45 million.
Potential investors were told the money raised would be used for sales and marketing, as well as for product development and to build out Splitit's payments system infrastructure.Canaccord Genuity was lead manager on the deal and calling for bids into tranche one of the placement by 1pm on Tuesday.
Blast Off!
