dorsaVi's $1.1m Placement and Use of Proceeds

dorsaVi (ASX: $DVL) has secured firm commitments from sophisticated investors to raise $1.1m at an offer price of $0.011 per share through a two-tranche placement. The proceeds will be utilized to accelerate the commercialization of dorsaVi's AI enhanced products in the US market, expand AI features and solutions, and for working capital.

Executive Commentary on Placement and Growth Strategy

We are delighted to have received strong backing from existing shareholders and new investors in the placement, which represents a major endorsement of our AI-focused growth strategy. Our technology roadmap underpins dorsaVi's growth trajectory and expansion in the US, represented by our growing customer pipeline in the clinical and research markets. We are at an exciting inflection point and look forward to providing further commercial updates in the near-term.

Summary of dorsaVi's Placement and Future Plans

dorsaVi (ASX: $DVL) has successfully secured commitments for a $1.1m placement, with the proceeds aimed at accelerating the commercialization of AI enhanced products in the US market, expanding AI features and solutions, and supporting working capital needs. The offer price of $0.011 per share represents a 15.4% discount to the last closing price and a 13.5% discount to the 15-day VWAP as at 19 July 2024. The company's growth strategy is underpinned by its technology roadmap and expansion in the US, with a focus on the clinical and research markets. The participation of directors and management in the placement further demonstrates confidence in the company's future prospects. The placement is expected to be completed in two tranches, with new shares issued under Tranche 1 expected to settle by Friday 9 August 2024. The release of options to subscribers and lead manager's involvement further strengthens the company's position. dorsaVi's ambitions to expand its AI products and solutions in the US market and the positive response from investors indicate a promising outlook for the company's future endeavors.