IXUP (ASX:IXU) share placement details

IXUP Limited (ASX:IXU) has successfully raised $1.85 million through a firm commitment placement to professional and sophisticated investors. The placement involved the issuance of 123.2 million fully paid ordinary shares at a price of $0.015 per share under ASX Listing Rule 7.1. Participants will also receive one free attaching unlisted option for every two shares subscribed for, exercisable at A$0.02 with a 12-month expiry from the date of issue.

Executive Commentary on the Placement

I am delighted at the support we have received from existing shareholders as well as new investors, in this placement. IXUP remains firmly on track to achieve increased revenue contributions during FY25, thanks to several long-term contracts we have secured with our growing tier one customer base. These additional funds provide a further strengthening of our balance sheet as we continue to grow our commercialisation efforts, and we are increasingly optimistic that the current financial year will prove a strong inflection point for the business which is growing its footprint of sales contracts for its unique and world leading technology offerings.

Summary of IXUP's Share Placement

IXUP Limited (ASX:IXU) has successfully raised $1.85 million through a firm commitment placement to professional and sophisticated investors. The proceeds from the placement will be used primarily to enhance IXUP's sales pipeline, advance sales conversion activities, facilitate ongoing business and cost base transformation, and develop additional commercial capabilities. The placement involved the issuance of 123.2 million fully paid ordinary shares at a price of $0.015 per share under ASX Listing Rule 7.1. Participants will also receive one free attaching unlisted option for every two shares subscribed for, exercisable at A$0.02 with a 12-month expiry from the date of issue. The placement represents a 16.7% discount to the last close and a 9.2% discount to the 10-day VWAP as of the announcement date. The new shares will be issued in a single tranche and are expected to settle on October 2, 2024. The company's CEO, Mr Al Watson, expressed optimism about the business's growth and revenue contributions, citing secured long-term contracts and the strengthening of the balance sheet through the additional funds.