FinTechFunding

Collaborate: Announces $3.5M entitlement issue

  • Vehicle lender Collaborate (CL8) plans to offer a non-renounceable entitlement issue of shares and free-attaching options
  • The company hopes to raise approximately $3.5 million, before costs, through the partially underwritten entitlement issue
  • Collaborate will also offer up to approximately 384 million new shares at an issue price of 0.9 cents each
  • The entitlement issue proceeds will fund continued growth of the Carly car subscription business and DriveMyCar car rental business
  • Collaborate’s CEO, Chris Noone, thanked all company shareholders for their past and ongoing support
  • Collaborate Corporation fell 11.11 per cent, to trade for 0.8 cents per share
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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