Announcement of retail entitlement offer results

Butn Ltd (ASX: $BTN) has announced the results of the retail component of its fully underwritten pro-rata accelerated non-renounceable entitlement offer. The Retail Entitlement Offer closed on May 9, 2024, raising approximately $0.4m with eligible shareholders subscribing for approximately 8,328,213 new shares at the issue price of $0.052 per new share.

Executive commentary on retail entitlement offer results

The Retail Entitlement Offer has successfully raised approximately $0.4m, demonstrating the support and confidence of our eligible shareholders in the company's future. We are pleased with the outcome and look forward to utilizing the funds to further our strategic initiatives and drive sustainable growth.

Summary of retail entitlement offer results and outlook

Butn Ltd (ASX: $BTN) has successfully concluded the retail entitlement offer, raising approximately $0.4m. The company's ability to secure funding from eligible shareholders reflects their confidence in Butn's business model and growth prospects. The funds raised will contribute to the company's strategic objectives and support its vision of innovating the way SMEs fund and grow their businesses. With the expected issuance of new shares on May 16, 2024, and trading to commence on May 17, 2024, Butn remains focused on delivering cashflow funding solutions and driving value for its stakeholders.