YPB share placement raises $2.575m
- Date: 7th September 2017
- Category: Investor News
- Origin: YPB
- YPB raises $2.575m at $0.04 per share
- Board and associates key supporters
- Strategic private investors with strong China links
Brand Protection and Customer Connection solutions company YPB Group Ltd (ASX: YPB) is pleased to announce that it has raised $2.575m via a placement to sophisticated and institutional investors. The placement price was $0.04.
The raise was primarily driven by existing supporters of the company including current and recently retired directors. Shareholders will be asked to approve the directors’ subscriptions for the placement shares under ASX Listing Rule 10.11.1 at the next General Meeting of the company.
Also participating were new strategic investors with technology expertise and links in a range of industries in China. These investors intend to actively help YPB access key decision makers and secure business in potentially high value industries in China.
The funds raised will be used to execute the acquisition of Motif Micro and for general working capital purposes. Motif Micro is a revolutionary Anti-Counterfeit technology with literally extraordinary potential. The current plan is for the first commercial releases of the technology to occur in the first half of 2018.
YPB Executive Chairman John Houston said: “While disappointing to be raising equity with such a weak stock price, the strong support from current and recently retired directors demonstrates their optimistic view of the company’s prospects. I thank all participants in the placement for their support and particularly welcome our new shareholders. The team is intent on kicking important goals over the remainder of 2017 to ensure the company becomes profitable and self-sufficient as soon as possible.”