Commitments have been received from sophisticated and professional investors to raise $3m, and a $2m share purchase plan is also underway – bringing the capital raising total to $5m as Openn focuses on its North America roll-out.

Aussie listed property tech company, Openn Negotiation (ASX:OPN) offers real-estate agents a proprietary cloud-based software platform, helping them to sell property online with greater transparency.

As part of its North America expansion plan, the company is looking to raise up to $5m to help build out its operational team and refine its software platform to meet the requirements of agents.

The company will also prioritise finalising partner integrations with consumer, broker, and agent enhancements in line with its ‘go to market’ strategy.

Placement details

OPN managing director Peter Gibbons says the capital raising will assist in ensuring timely delivery of the multiple pilot programs that are being undertaken across Canada and the United States, to keep the company well funded through to live transactions and commercial roll-out.

OPN will issue a total of 20,000,000 shares at a price of $0.15 per share to raise $3m.

The placement price represents a discount of 11.8% to the last close on June 29, 2022, and settlement is expected on Monday, July 11, with Euroz Hartleys Limited acting as lead manager.

SPP details

Up to 13,333,334 shares at the same price as the placement of $0.15 per share will be issued to raise up to $2m.

Shareholders of the company who are registered holders of Shares at 5.00pm (WST) on Friday, July 1, 2022, and who have a registered address in Australia or New Zealand are eligible to participate.

Eligible shareholders will have the opportunity to apply for up to $30,000 worth of new shares, which will rank equally with OPN’s existing shares on issue.

 

 

 

This article was developed in collaboration with Openn Negotiation, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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