icetana Limited (ASX:ICE) Launches Renounceable Entitlement Offer
Renowned video analytics company icetana Limited (ASX:ICE) has announced a renounceable pro-rata entitlement offer to raise approximately A$2.65 million. The offer allows eligible shareholders to acquire one new share for every two existing shares held, at an issue price of $0.02 per new share.
Key Details of the Offer
The entitlement offer is set to open on Monday, February 3, 2025, and will close at 2:00 PM (Perth time) on Friday, February 14, 2025. The offer is fully underwritten by Lance East Holdings Pty Ltd, a substantial existing holder of the company. Those participating can expect funds raised to support ongoing sales, marketing, and product development activities.
Shareholder Participation
Matthew Macfarlane, the Non-Executive Chairman, intends to partially take up his entitlements, while Non-Executive Director Colm O’Brien plans to take up his full entitlements. Eligible shareholders must ensure their acceptance forms are submitted correctly to partake in the offer.
Funding Utilisation
Funds raised through this offer will be allocated to support the company’s ongoing sales and marketing activities, estimated to require A$1.4 million, alongside A$900,000 for product development and A$350,000 for essential working capital.
Future Outlook
As icetana continues to expand its security technology offerings, the successful completion of this entitlement offer positions the company favorably for future growth. In particular, the company is engaged in a proof-of-concept project in Iraq, which could yield significant revenue if successful.
This entitlement offer presents a timely opportunity for shareholders to support icetana’s strategic initiatives and maintain their interest in the company as it progresses.
Motley Fool contributor Aaron Shaw 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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