Pentanet Limited (ASX: $5GG) has successfully secured binding commitments for a placement of shares, raising $4.28 million before costs, with $4.0 million after costs. The Placement received strong support from multiple international and domestic institutional and high-net worth investors, reflecting their focus on high-growth technologies. The proceeds of the Placement, totaling $4.28 million, will be allocated towards CAPEX for INVIDIA cloud servers and infrastructure ($3.0 million) and general working capital & costs of the Placement ($1.28 million).
The recent updates to our INVIDIA GeForce NOW opportunities abroad, as well as becoming a part of the global NVIDIA GDN puts us in a unique position as a Company to be further positioned in the supply ecosystem of a growing industry. We are grateful to existing shareholders and welcome the addition of new institutional investors into the Company who are aligned with our future growth opportunities.
Pentanet (ASX: $5GG) has successfully secured a placement of shares, raising $4.28 million to support its cloud growth initiatives. The Company plans to invest in NVIDIA cloud servers and infrastructure, aiming to drive additional growth and expand its cloud gaming market share while opening new revenue streams. The Placement, supported by both existing and new investors, reflects confidence in Pentanet's growth plans. The Issue Price of $0.072 per share represents a 19.6% discount to the 15-day volume weighted average price of Pentanet shares. Settlement of the Placement is expected to occur on or about 2 April 2024. Pentanet's strategic direction and partnerships with NVIDIA position the Company for further growth and opportunities in the high-growth technologies sector.