Ava Risk Group institutional placement announcement

Ava Risk Group Limited (ASX: $AVA) has successfully completed a $3.0 million institutional placement of new fully paid ordinary shares and intends to launch a share purchase plan to raise up to $1.0 million. The proceeds from the placement and share purchase plan will be used to support the execution of recently announced contract wins, including working capital, dedicated support resources, infrastructure, and ongoing product development.

Chairman David Cronin's commentary on equity raising

It's great to have the continued support from existing investors but also to welcome some new investors to the register. Having secured several major new contracts especially in our Detect segment, including with Telstra and UGL, these funds give us the flexibility to support the growing demand we are seeing for our unique fibre sensing technology across multiple industries. We are also pleased to offer our loyal retail shareholders the opportunity to participate on the same terms via the Share Purchase Plan.

Summary of Ava Risk Group's institutional placement and share purchase plan

Ava Risk Group has successfully completed a $3.0 million institutional placement and intends to launch a share purchase plan to raise up to $1.0 million. The proceeds will support the execution of recently announced contract wins, including working capital, dedicated support resources, infrastructure, and ongoing product development. The company received strong support for the placement from both existing and new institutional and professional investors. The shares are expected to resume trading on ASX from market open today. Ava Risk Group will offer eligible shareholders in Australia or New Zealand the opportunity to apply for up to A$30,000 of new shares free of any brokerage, commission, and transaction costs in accordance with the share purchase plan. Full details of the share purchase plan will be released to the ASX and made available to eligible shareholders in early April 2024.