YPB Group Ltd (ASX:YPB) has received firm commitments from institutional, professional and sophisticated investors to raise up to $750,000 for the technical development of Motif Micro, a smartphone readable forensic authentication solution.
Under the placement, YPB will issue 250 million fully paid ordinary shares at an issue price of 0.3 cents per share and one free attaching quoted option, exercisable at 0.5 cents per option on or before February 23, 2022, for every one share issued under the placement.
Funds to advance business development
Funds raised in the placement will be used for the technical development of Motif Micro, business development, marketing, working capital and costs of the placement.
The placement shares and options will be issued by utilising YPB’s existing Listing Rule 7.1 capacity.
EverBlu Capital Pty Ltd is corporate adviser and lead manager to the placement.
CEO increases stake
YPB’s founder, chairman, CEO and substantial holder John Houston recently increased his stake in the company to 25.35% from 19.58%.
Last month Houston acquired 375 million shares in the company, increasing the number of shares held to about 1.197 billion shares.