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Collaborate Corporation Limited - Completion of Entitlement Issue.

ENPNewswire-August 29, 2019--Collaborate Corporation Limited - Completion of Entitlement Issue

(C)2019 ENPublishing - http://www.enpublishing.co.uk

Release date- 28082019 - Collaborate Corporation Limited (ASX: CL8) (Collaborate or the Company) is pleased to confirm that it has completed the partially underwritten non-renounceable entitlement offer of shares and free-attaching options to raise up to approximately $2.06 million before costs (Entitlement Issue).

A total of 159,849,080 New Shares and 106,566,006 Unquoted Options were issued on 27 August 2019, representing take up of 78% of the total Shares offered under the Entitlement Issue and raising $1,598,491 before costs.

The Entitlement Issue was offered to shareholders registered at the Record Date of 26 July 2019 with a registered address in Australia and New Zealand on the basis of one (1) new fully paid ordinary share (Share) for every four (4) Shares held, together with two (2) free attaching options for every three (3) new Shares subscribed for and issued. The free attaching options will be unquoted, exercisable at $0.015 each and expire on 18 December 2020 (Unquoted Options). The Entitlement Issue was partially underwritten up to $1.255 million by existing shareholders of the Company namely Willoughby Capital Pty Ltd as trustee for the Willoughby Capital Trust and Reefpeak Pty Ltd, alongside officers of the Company namely Adrian Bunter and Karen Logan (Underwriters).

CEO and Executive Director, Mr Chris Noone, said 'We appreciate the continued support of the Underwriters and major shareholders of the Company. Turners Automotive Group took up their entitlements in full and Willoughby Capital provided additional funds by also underwriting the offer.'

The Company has also issued 3,196,982 Shares to Andover Partners pursuant to the corporate advisory mandate following completion of the Entitlement Issue.

About Collaborate Corporation Limited

Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' business model with a strong focus on mobility solutions. Collaborate's core business is www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business, complemented by www.Carly.co, Australia's first flexible car subscription offering. Other businesses include www.MyCaravan.com.au a leading peer-to-peer caravan rental business and www.Mobilise.com a rental marketplace for under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people and companies to safely transact with each other in the sharing economy

Contact:

Tel: +61 2 8889 3641

Email: shareholder@collaboratecorp.com

[Editorial queries for this story should be sent to newswire@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

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Publication:ENP Newswire
Geographic Code:8AUST
Date:Aug 29, 2019
Words:444
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