9 Spokes completes AU$1.119 million placement and proposed working capital facility

9 Spokes International Limited (ASX: 9SP) announced that it had completed a placement to raise AU$1.119 million. The placement comprised the issue of 373,000,000 shares to existing and original shareholders at AU$0.003 cents per share. The issue price represents a 25% discount to the 15-day volume weighted average price prior to the company’s voluntary suspension.

In addition to the placement, participant shareholders have agreed to provide the company with a working capital facility of up to NZ$353,000. The funds raised via the placement and working facility will be used to fund the company to undertake a strategic review of the company and its operations and also provide the working capital.

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