Leading big data solutions company Invigor Group Limited (ASX:IVO) ("Invigor") today announced its intention to raise up to $4 million in a Convertible Notes Issue from sophisticated investors. The proceeds of the Convertible Notes will be used to retire $2.4 million Convertible Notes due in December and provide up to $1.6 million of additional working capital to the Company. - RJL Investments Pty Ltd (Associated with IVO Chairman Gary Cohen) to take up to 30% of issue
- Proceeds to retire an existing $2.4M Convertible Note and provide $1.6M in working capital
- Funding will provide IVO with sufficient financial flexibility to fund near-term growth opportunities
- Investor Presentation attached
The Notes will be issued at 3 cents per share and issued for up to 18 months. A summary of the key terms of the proposed Convertible Notes are attached.
RJL Investments Pty Ltd, an entity associated with Invigor's Chairman and CEO, Gary Cohen, has advised the Company that it plans to take up to 30% ($1.2 million) of the issue, subject to approval by IVO shareholders at an EGM to be called by the Company in due course.
Gary Cohen commented: "This proposed funding will give Invigor the necessary financial flexibility to execute on its immediate growth opportunities and build scale into our current operating businesses.
"A proposed investment of up to $1.2 million by RJL Investments, an entity associated with me, reflects my strong confidence in Invigor and the potential value that that can be realised from this funding. Invigor is in the best shape in the Company's history and we are determined to capitalise on the opportunities available to us."
The Company will be marketing the Convertible Notes facility to sophisticated investors and selected lending institutions. Please refer to the attached Investor Presentation.
To view the presentation, please visit:
http://abnnewswire.net/lnk/M6K2PF17
Gary Cohen Chairman & CEO Phone: +61-2-8251-9600 Email: info@invigorgroup.com www.invigorgroup.com
