Thrive Tribe Technologies Limited Announces Entitlement Offer to Raise $703,000

Highlights:

• Thrive Tribe Technologies Limited (ASX: 1TT) has launched a non-renounceable entitlement offer to raise up to A$703,000 through the issuance of 703 million new shares at $0.001 each.
• Proceeds from the offer will be used for working capital, with $647,000 allocated to operational needs and $56,000 to cover offer costs.
• The offer includes a top-up facility for eligible shareholders to purchase additional shares if available, with the offer period running from December 5 to December 16, 2024.

Thrive Tribe Technologies Limited (ASX: 1TT) has launched a non-renounceable pro-rata entitlement offer to raise up to A$703,000. The company is offering existing shareholders the opportunity to apply for one new fully paid ordinary share for every existing share held, at a price of $0.001 per share. The offer will be open to eligible shareholders with registered addresses in Australia, New Zealand, and Malaysia, as of the record date of December 4, 2024.

Use of Funds and Offer Terms

At the time of writing, Thrive Tribe Technologies plans to use the proceeds from the capital raise primarily for working capital, with $647,000 allocated for operational needs and $56,000 earmarked for the costs of the offer. The company is offering up to 703 million new shares, which would raise approximately $703,000 before expenses. The offer price reflects a 33% discount to the company’s closing share price on November 27, 2024.

Top-Up Facility for Shareholders

In addition to the entitlement offer, Thrive Tribe Technologies is providing a top-up facility for eligible shareholders. This allows shareholders to apply for additional new shares beyond their entitlement, should there be any unallocated shares, at the same offer price.

The offer opens on December 5, 2024, and will close on December 16, 2024, with new shares expected to be quoted on the ASX by December 20, 2024. The funds raised will help support the company's ongoing development of its health and wellness app, Sixty, and its mission to inspire healthier communities.

For more details on the entitlement offer, shareholders can refer to the Offer Booklet available on Thrive Tribe’s website and the ASX.

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