Placement to raise $4.5M completed Buddy Platform Limited (“Company”) (ASX: BUD) advise that it has completed a share placement to raise $4.5M from sophisticated investors. Funds raised will be applied towards working capital. The placement has been managed by Armada Capital Pty Ltd. Under the placement the Company will issue 45M fully paid ordinary shares at 10 cents per share. The placement has been completed in accordance with ASX Listing Rule 7.1 15% placement capacity. An Appendix 4B applying for quotation will be lodged when the shares are issued on Monday 11th July.
__________
Nice....got the upper limit targeted! Interesting to note Armada Capital from which one of our non-execs comes from. Clearly he would have been arguing for the CR to boost working capital. IMO, for a 6% dilution we have sufficient working capital to see us well through these and potentially other acquisitions to the point where we are generating enough revenue (and hopefully EBITDA) to be self funding and accretive to retained earnings.
Anyway....waiting with safe hands for anyone wanting to throw away some shares at 10c or less.
BUD Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
