Adveritas Completes AU$4.5 Million Funding Round

Adveritas Limited (ASX: AV1) has successfully raised AU$4.5 million through an oversubscribed share placement, issuing 75 million new shares at 6 cents each. This pricing reflects a 3% premium over the last 30-day average and a 5% discount from the closing price as of April 26, 2024. The funds are intended to boost the company's cash reserves, primarily supporting its expansion into the U.S. gaming and sports betting market, enhancing products, developing new features, and optimizing sales processes.

The share issuance, scheduled for completion by May 7, 2024, drew interest from both existing shareholders and new investors, including a significant private investment from a prominent family office. CEO Mathew Ratty highlighted the strong support from cornerstone investors and the company's ongoing momentum in achieving operational cash flow positivity.

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