Change Financial Limited (ASX:CCA) capital raising announcement

On 2 September 2024, Change Financial Limited (ASX:CCA) announced a successful capital raising initiative to raise up to A$4.25m. The capital raising comprises a A$3.50m placement to new and existing institutional, sophisticated, and professional investors, with binding commitments received, and a A$0.75m Share Purchase Plan providing the opportunity for all existing shareholders to participate.

Executive commentary on capital raising and growth prospects

The successful capital raising will significantly strengthen our financial position, support the working capital cycle, fund security capital requirements, and enable us to pursue several near-term potential client opportunities. We are pleased with the binding commitments received and the opportunity for existing shareholders to participate in the Share Purchase Plan, demonstrating their confidence in our growth prospects.

Summary of Change Financial's capital raising and outlook

Change Financial Limited (ASX:CCA) has successfully secured binding commitments for a A$3.50m placement and will provide existing eligible shareholders with the opportunity to participate in a Share Purchase Plan to raise up to a further A$0.75m. The funds raised will be used to strengthen the company's financial position, support the working capital cycle, fund security capital requirements, and execute on several near-term potential client opportunities. The company's successful go-live for Unity Credit Union and its position as one of the largest non-bank issuers of debit cards in NZ reflect its growing market presence. With a maturing sales pipeline and increasing opportunities in Australia, NZ, and the US, Change Financial is well-positioned for continued growth and expansion.