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Vmoto Ltd Announces Completion Of Placement


Friday, 15 Nov 2013 04:00am EST 

Vmoto Ltd announced that it received shareholder approval on November 13, 2013 for the second tranche of its Placement (announced October 2, 2013) (Placement) and will issue the remaining 172,727,273 ordinary shares (the Placement Shares) at an issue price of AUD0.022 (GBP0.0127). Given demand, the Company resolved to issue a further 13,636,364 fully paid ordinary shares (the Further Placement Shares), on the same terms as the Placement shares, to sophisticated investors pursuant to its 15% annual placement capacity, to raise a further AUD300,000. In total, the expanded fundraising of AUD5.3 million (before costs) will be used for: Proposed Joint Venture investment as announced on October 2, 2013; Meeting the electric two wheel vehicle market demand; Continued expansion into China including opening more retail stores; Product development; and General working capital. Application has been made for admission of the 177,927,273 Placement Shares and Employee Shares to trading on the ASX and the AIM Market of the London Stock Exchange (AIM) and it is expected that admission and dealings in these Shares will occur on November 19, 2013. Application has also been made for admission of the 13,363,364 Further Placement Shares to trading on the ASX and AIM and it is expected that such admission and dealings in the Further Placement Shares will occur on November 22, 2013. 

Company Quote

0.04
-0.0010 -2.44%
19 Dec 2014