Identitii Limited Raises $1.8 Million in Well-Supported Placement

Highlights:

• $1.8 Million Raised: Identitii Limited (ASX: ID8) successfully raised $1.8 million through a placement of 112.5 million shares, supported by strong demand from institutional and sophisticated investors.
• Strategic Use of Funds: The capital will be used to advance Identitii’s patent infringement claim against JP Morgan Chase, support ongoing platform development, and fund global sales and marketing efforts.
• Bonus Options for Investors: Identitii will issue bonus options for every two new shares, which, if exercised, could raise an additional $1.7 million in working capital.

Identitii Limited (ASX: ID8), a leading company in the digital payments data space, has successfully raised $1.8 million through a well-supported placement. The company received binding commitments from institutional and sophisticated investors, with demand far exceeding the amount raised. At the time of writing, the placement will issue 112,500,000 new fully paid ordinary shares at an issue price of $0.016 per share, which will rank equally with existing shares.

Strategic Use of Funds

The raised capital will be used to further Identitii’s growth strategy, with a focus on key objectives such as advancing its patent infringement claim against JP Morgan Chase in the United States. Additionally, the funds will support ongoing development of the Identitii platform and global sales efforts. The company’s CEO, John Rayment, expressed his enthusiasm for the strong investor support, highlighting the strategic importance of these funds for future growth.

Bonus Options for Investors

In addition to the placement, Identitii will issue one bonus option for every two new shares issued, exercisable at $0.03, with a two-year expiration. Should the options be exercised, this will raise up to an additional $1.7 million in working capital. The placement is expected to be completed on November 26, 2024, and is a significant step toward strengthening Identitii's balance sheet.

SP Corporate Advisory (Spark Plus) served as the lead manager for the placement, attracting significant interest from institutional funds and strategic investors. The capital raised will help drive Identitii’s mission to streamline and secure the sharing of payment data globally.

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