IDT Australia Limited Successfully Raises AU$2 million through Over-Subscribed SPP

IDT Australia Limited (ASX: IDT) announced the successful completion of an over-subscribed share purchase plan (SPP) to existing shareholders, raising approximately AU$2 million. After a two-tranche placement of AU$5 million at an offer price of AU$0.065 per share to professional and sophisticated investors, eligible shareholders were given the chance to apply for new fully paid ordinary shares, with each shareholder being able to apply for up to AU$30,000 worth of shares.

A total of AU$2,078,332.00 was received from 227 eligible shareholders, and due to the capped amount of AU$2 million for the SPP, some shareholders experienced a scale back based on their holdings as of the Record Date. The combined proceeds of around AU$7 million from the Placement and SPP will support the Company's capital expenditure program and additional working capital needs. The allotment of the SPP Shares is scheduled for Friday, 21 July 2023, totalling 30,769,354 fully paid ordinary shares.

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