TSN secures firm commitments to raise $1.7 million with strong...

TSN secures firm commitments to raise $1.7 million with strong local institutional investors and TSi India management participation Transaction Solutions International Limited ("TSN") is pleased to advise it has received firm commitments for a capital raising of $1.7 million by the issue of 106,250,000 shares at 1.6 cents per share (Placement) corner-stoned by a number of local institutional investors and senior executives of the TSi India’s management team. An attaching unlisted option will be issued for every two shares issued in the Placement. The options will have an exercise price of 3.0 cents each and expire 30 June 2018. Sanlam Private Wealth is managing the Placement to sophisticated and institutional/professional investors and other investors who are exempt from the disclosure requirements under Chapter 6D of the Corporations Act. The funds raised will be used for working capital requirements and activities required to progress a potential opportunity to acquire the balance of equity in TSi India from its majority shareholder. This opportunity is currently in negotiation and no conclusions can be drawn at this time. TSN and its subsidiaries hold a 24.89% equity interest in TSi India. TSi India's current business model is based on the provision and management of ATMs and bill payment solutions to major Indian banks and utility companies, with approximately 14,000 ATMs under management.