ClearVue Secures $4M Placement and Launches $2M Share Purchase Plan

The Placement received strong support from existing local shareholders and attracted new institutional, professional, and sophisticated investors, including overseas interest. Several board members will also participate in the capital raise, pending shareholder approval.

ClearVue Technologies Limited (ASX: CPV OTC: CVUEF) announced the successful completion of a capital raising effort, securing $4 million (before costs) through firm commitments from institutional, sophisticated, and professional investors.

This was achieved by issuing approximately 8 million fully paid ordinary shares at an issue price of A$0.50 per Placement Share.

This represented a 21% discount to the 15-day volume weighted average price and an 11% discount to the last closing price.

Additionally, the Company is launching a Share Purchase Plan to raise up to $2 million (before costs), allowing eligible shareholders to purchase new shares on the same terms as the Placement.

The Placement received strong support from existing local shareholders and attracted new institutional, professional, and sophisticated investors, including overseas interest.

Several board members will also participate in the capital raise, pending shareholder approval.

CEO Martin Deil expressed gratitude for the support and emphasized the importance of the funds raised.

Use of Funds

The capital will be utilized to finalize testing and certification of ClearVue’s Gen-2 products, with anticipated early sales expected in the second half of the year, accelerating the path to commercialization.

Shareholders are being offered the opportunity to participate in the SPP as a gesture of appreciation for their ongoing support.

Upon completion of the capital raise, ClearVue will be well-funded to execute its plans.

The Placement, completed under the Company’s existing capacity, offers subscribers a one-for-three free attaching unlisted option.

Participation in the offer

CEO Martin Deil and US-based Director Chuck Mowrey have committed to subscribe for shares, with additional contributions from senior management, representing a significant investment from the Board and senior management.

Participation by Directors is contingent upon shareholder approval at a future general meeting.

Terms

  • Under the terms of the Placement, the Company will issue 8,029,000 Shares at an issue price of $0.50.
  • Along with 2,676,333 attaching options.
  • Settlement is anticipated on March 8, 2024.
  • The Placement Shares are to be allotted on March 11, 2024.
  • The Placement Shares, along with shares issued on the exercise of the free attaching options, will rank equally with existing fully paid ordinary shares in ClearVue.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ClearVue Technologies Limited

Anna Abrossimova
Head of Marketing
[email protected]
+61 (0) 407 345 180

 

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