Property investment platform DomaCom has received binding commitments via a share placement from an institutional investor to raise $500,000.
The funds will be used to drive its continued growth in its platform, DomaCom reported, increasing sales in the accumulation and retirement markets via its innovative products and general working capital requirements.
A total of 6,738,544 ordinary shares will be issued at 7.42 cents per share under the placement, under the capacity currently available, which allows DomaCom to raise up to 100 per cent of eligible fully paid ordinary shares.
The capacity also allows the issue of up to 16,179,311 shares without shareholder approval.
DomaCom chief executive Arthur Naoumidis commented: “It is pleasing to have received the support of a new institutional shareholder at this pivotal time in our history, and I now look forward to focusing on growing our business.”
The placement has been carried out using Ascot Securities as the broker.
Settlement and issue of the shares will occur on or before 13 September.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
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