Successful Completion of Capital Raising
Sydney, Nov 5, 2019 AEST (ABN Newswire) - The Board of MNF Group Limited (
ASX:MNF) (M2S:FRA) is pleased to announce the successful completion of an institutional placement to raise $52.1 million (the "Capital Raising"), which received significant support from new and existing investors in the Company.
Approximately 10.4 million new fully paid ordinary shares in MNF will be issued under the Capital Raising at an issue price of $5.00 per share, which represents a 5.7% discount to the closing price of MNF shares on 31 October 2019. New shares issued under the Capital Raising will rank equally with existing MNF shares.
The proceeds of the Capital Raising will allow the company to pay down bank debt, become net cash positive and strengthen the balance sheet, enabling the company to accelerate its regional expansion strategy in the near to medium term.
Settlement of the Capital Raising is scheduled to take place on Monday, 11 November 2019, with allotment and quotation of shares expected to occur on the ASX on Tuesday, 12 November 2019.
Canaccord Genuity (Australia) Limited acted as Lead Manager to the Capital Raising.
About Symbio Holdings Limited
Symbio Holdings Limited (ASX:SYM) is a software company changing the way the world communicates.
Symbio's technology replaces old-fashioned telecom networks with software, making it faster and easier to deliver modern cloud-based communication services, unlocking endless new applications for calling, messaging and phone numbers.
Symbio is the backbone for the global cloud communication industry. Over 500 service providers - from telecom start-ups to the world's biggest software companies - rely on Symbio for the connectivity, quality and expertise they need to solve complex communication challenges.
Headquartered in Sydney, Symbio powers billions of calls and messages each year, owns networks in three countries and employs over 450 staff worldwide.
For more information about Symbio visit www.symbio.global
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