Way2VAT Ltd (ASX:W2V) has topped up its private placement with an additional $300,000 subscription and plans to close its share purchase plan (SPP) early.
Moneta Seeds LP, an entity associated with W2V non-executive chairman Adoram Ga’ash, has pledged the extra $300,000, which will fast-track commercialisation of the company’s Smart Spend Debit MasterCard.
In exchange, Moneta Seeds will receive $300,000 worth of W2V shares, priced at 5.1 cents each. This is the same issue price as recorded in a recent $1.09 million placement to institutional and sophisticated investors.
Ultimately, the placement is subject to shareholder approval, which will be sought at the company's upcoming annual general meeting.
“Strong personal and financial endorsement”
Commenting on the raise, Way2VAT CEO and founder Amos Simantov said: “I would like to thank our existing board members for their continued support through the placements and the SPP.
“This represents a strong personal and financial endorsement of Way2VAT’s strategic plans.
“It will be key in us accelerating the rollout of our Smart Spend Debit MasterCard and developing our proprietary technologies that keep us at the forefront of innovation when it comes to the fully automated end-to-end collection of VAT and GST reclaims in more than 40 countries.”
Way2VAT non-executive chair Adoram Ga'ash said: “With rollout starting to accelerate for our Smart Spend Debit MasterCard … Way2VAT is on the cusp of an exciting period of growth.
“While the placement is a strategic investment for Moneta Seeds, the placement shows interest in Way2VAT's innovation that puts it at the forefront of the sector, and the value it brings to a wide variety of companies who need its service.”
SPP closing date
Thanks to the additional placement funds, Way2Vat has opted to close its share purchase plan by August 24.
Shares are expected to settle two days later on August 26, with securities to be issued before noon on August 29.
Current board members David Buckingham and Amos Simantov are participating in the SPP.