Invigor to drive growth through $4mil convertible note issue
Sydney, Nov 15, 2016 AEST (ABN Newswire) - Leading big data solutions company Invigor Group Limited (
ASX:IVO) ("Invigor") today announced its intention to raise up to $4 million in a Convertible Notes Issue from sophisticated investors. The proceeds of the Convertible Notes will be used to retire $2.4 million Convertible Notes due in December and provide up to $1.6 million of additional working capital to the Company.
- RJL Investments Pty Ltd (Associated with IVO Chairman Gary Cohen) to take up to 30% of issue
- Proceeds to retire an existing $2.4M Convertible Note and provide $1.6M in working capital
- Funding will provide IVO with sufficient financial flexibility to fund near-term growth opportunities
- Investor Presentation attached
The Notes will be issued at 3 cents per share and issued for up to 18 months. A summary of the key terms of the proposed Convertible Notes are attached.
RJL Investments Pty Ltd, an entity associated with Invigor's Chairman and CEO, Gary Cohen, has advised the Company that it plans to take up to 30% ($1.2 million) of the issue, subject to approval by IVO shareholders at an EGM to be called by the Company in due course.
Gary Cohen commented: "This proposed funding will give Invigor the necessary financial flexibility to execute on its immediate growth opportunities and build scale into our current operating businesses.
"A proposed investment of up to $1.2 million by RJL Investments, an entity associated with me, reflects my strong confidence in Invigor and the potential value that that can be realised from this funding. Invigor is in the best shape in the Company's history and we are determined to capitalise on the opportunities available to us."
The Company will be marketing the Convertible Notes facility to sophisticated investors and selected lending institutions. Please refer to the attached Investor Presentation.
To view the presentation, please visit:
http://abnnewswire.net/lnk/M6K2PF17
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
| ||
|
