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icetana - Placement for growth opportunities

AI surveillance analytics company icetana Limited (ASX: ICE, icetana or the Company) is pleased to announce that it has received firm commitments from professional and sophisticated investors in a well-supported growth-focused placement of $2.7 million (Placement).


-- icetana has received firm commitments from predominantly technology focused domestic investors and welcomes a number of new institutional investors to its register
-- Proceeds from the placement will be used to take full advantage of the significant growth in its qualified pipeline which coincides with the post-COVID reopening of facilities in market sectors where icetana provides greatest value
-- New offerings targeting guarding services and leveraging improved product functionality will be launched through the course of 2022
-- Opportunities in key geographies such as Japan, the Middle East and South America will be actively supported with active distributor engagement.

Placement details

icetana has received firm commitments for an equity funding round via the placement of 33,750,000 new fully paid ordinary shares (Shares) in the Company to be issued at $0.08 per Share to raise gross proceeds of $2.7m (before costs).

The Company engaged Sequoia Corporate Finance Pty Ltd (Sequoia) as lead manager of the Placement.

The Company will issue 20,556,014 Shares using its 15% placement capacity under Listing Rule 7.1 and 13,193,986 Shares using its 10% capacity under Listing Rule 7.1A.

Subject to shareholder approval, subscribers under the placement will be eligible to receive one unquoted option with an exercise price of $0.15 each with an expiry date of 24 months from the date of issue (Options) for every two Shares issued under the Placement.

Sequoia is entitled to approximately 6% of the gross proceeds of the Placement.

The Company will seek shareholder approval to issue up to 5,000,000 Options on the same terms to Sequoia Corporate Finance Pty Ltd as partial consideration for lead manager services provided to the Company.

The Company intends to convene a shareholder meeting to approve the issue of the Options in mid-January 2022.

For more information, download the attached PDF.

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