Collaborate launches underwritten rights issue
Sydney, Sep 14, 2018 AEST (ABN Newswire) - Collaborate Corporation Limited (
ASX:CL8) (Collaborate or the Company) is pleased to release its prospectus for the partially underwritten non-renounceable entitlement issue of shares to raise approximately $1.16 million before costs (Entitlement Issue). As announced on 10 September 2018, the Entitlement Issue is partially underwritten by existing sophisticated investors of the Company namely Hishenk Pty Ltd, Reefpeak Pty Ltd, Mishki Pty Ltd, Scintilla Strategic Investments Limited, alongside officers of the Company namely Chris Noone, Adrian Bunter and Karen Logan (Underwriters).
The Entitlement Issue will be offered to shareholders registered at the Record Date (as defined below) with a registered address in Australia and New Zealand (Eligible Shareholders) on the basis of one (1) New Share for every eight (8) Share held. Eligible Shareholders must have purchased shares in Collaborate before the Ex date of 20 September in order to be entitled to participate in the Entitlement Issue.
The funds raised from the Entitlement Issue are planned to be principally used to provide funding for customer acquisition, support the launch of new initiatives and for working capital and general corporate purposes. Additionally, the proceeds will be used to cover costs of the Entitlement Issue.
The timetable for the Entitlement Issue is as follows:
14 September 2018
Lodgement of Prospectus with the ASIC
Lodgement of Prospectus and Appendix 3B with ASX
Notice sent to Option holders
19 September 2018
Notice sent to Shareholders
20 September 2018
Ex date
21 September 2018
Record Date for determining Entitlements
24 September 2018
Prospectus sent out to Shareholders and Company announces this
has been completed
15 October 2018
Closing Date
16 October 2018
Shares quoted on a deferred settlement basis
17 October 2018
ASX notified of under subscriptions
22 October 2018
Issue date/Shares entered into Shareholders' security holdings
23 October 2018
Quotation of Shares issued under the Offer
All dates, other than the date of lodgement of the Prospectus with ASIC, are indicative only.
The Company reserves the right to amend any of the important dates without prior notice but subject to the Corporations Act and ASX Listing Rules.
Collaborate encourages Eligible Shareholders to participate in the Entitlement Issue. Officers of the Company will take up their full entitlement and have further underwritten additional amounts under the offer.
About Collaborate Corporation Ltd
Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' businesses. Collaborate currently has three core business segments: www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business; www.MyCaravan.com.au Australia's leading peer-to-peer caravan rental business; and www.Mobilise.com an online hire marketplace to unlock the enormous potential of under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people to safely transact with each other in the sharing economy.
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