Openn Negotiation Ltd (ASX:OPN) has completed a share purchase plan (SPP) and launched a SPP shortfall placement to raise $1.5 million before costs, which in addition to $3 million raised in an earlier share placement, will fund Openn’s commercialisation in North America.
The SPP closed on Friday, and the company received applications for more than 6.5 million fully paid ordinary shares, raising about $976,000 with a shortfall of just over $1 million.
Openn engaged Euroz Hartley to manage the shortfall placement shares, which will raise about $520,000 through the issue of almost 3.5 million shares to sophisticated and professional investors.
OPN does not intend to place any of the remaining SPP shortfall of $504,000.
North American expansion
Openn’s wholly-owned subsidiary Openn North America Inc has been progressing its property technology (PropTech) in the North American market, having advanced pilot discussions with major real estate multiple listing service (MLS) groups in the US and Canada.
Read: Openn Negotiation makes strong progress with PropTech activities in North America
“The capital raising assists in assuring the timely delivery of the multiple pilot programs that are being undertaken across Canada and the United States, to ensure Openn is well funded through to live transactions and commercial roll-out in North America,” Openn’s managing director Peter Gibbons said of the raise in July.