Flexiroam Limited (ASX: FRX) Announces $3.928 Million Entitlement Offer
Entitlement Offer Overview
Flexiroam Limited (ASX: FRX) plans to raise approximately $3.928 million through a non-renounceable entitlement offer. Shareholders will be entitled to subscribe to one new share for each share held at an issue price of $0.005. Founder and interim CEO, Jef Ong, will underwrite up to $1 million of the offer to help secure these funds.
Use of Funds
The proceeds from this entitlement offer will focus on repaying loan obligations and enhancing working capital. This funding will support Flexiroam’s growth strategies and commitment to expanding its presence in the eSIM travel market. The company is poised to enhance customer acquisition and explore new opportunities in various markets.
Additional Details
Eligible shareholders include those with a registered address in Australia, New Zealand, Malaysia, Singapore, or Hong Kong. The offer opens on 16 January 2025 and closes on 30 January 2025. The company does not intend to appoint a lead manager for this entitlement offer.
Executive Commentary
Non-Executive Director and Chairman, Tat Seng Koh, stated, “This rights issue is a significant step forward for Flexiroam. It will not only help provide the necessary capital to invest in strategic growth initiatives but also to strengthen our balance sheet.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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