Adveritas Limited (ASX: $AVI) placement details

Adveritas Limited (ASX: $AVI) has successfully raised $4.5 million through an oversubscribed share placement. The company received firm commitments for 75,000,000 new fully paid ordinary shares at an issue price of 6 cents per share. The placement price represents a 3% premium to the 30-day VWAP and a 5% discount to the closing price of the company's shares on 26 April 2024. Settlement of the placement is expected to occur on Monday, 6 May 2024, with the issue and quotation of the new shares expected to occur on Tuesday, 7 May 2024.

CEO's perspective on the placement

Mr Mathew Ratty, Co-founder and CEO, expressed gratitude to long-term cornerstone shareholders for their strong support and welcomed new investors to the share register. He highlighted the strengthened cash balance, the company's focus on the USA gaming and sports betting market, and strong growth momentum leading up to and beyond the recent March 2024 quarter record cash receipts. Ratty emphasized that these factors will enable Adveritas to continue its growth trajectory and positive operating cash flows.

Summary of Adveritas' placement and outlook

Adveritas Limited (ASX: $AVI) has successfully raised $4.5 million through an oversubscribed share placement, which will bolster the company's cash balance. The funds will be utilized to support continued global growth, key product enhancements, development of new client-driven features, and streamlining processes to shorten the enterprise client sales cycle. The placement price at a premium to the 30-day VWAP reflects investor confidence in the company's prospects. CEO Mathew Ratty's positive outlook on the strengthened cash balance, focus on the USA gaming and sports betting market, and strong growth momentum indicates the company's commitment to achieving positive operating cash flows and sustaining its growth trajectory.