iWOW Technology plans to raise just over $15 million by placing out 66.67 million new shares at 22.5 cents each, to fund new growth via acquisitions, expansion of facilities and market development.
The placement, managed by Zico Capital, will expand the company's share base by a fifth to 344.8 million and will be subject to shareholders' approval at an EGM to be held.
The placement, which is not underwritten, will see the company raising net proceeds of some $14.46 million if fully taken.
At 22.5 cents, the placement price is a discount of more than 10% off the June 26 vwap of 33 cents.
Broadly, proceeds of the placement will be used to partially fund the company's $11.2 million acquisition of The Gentle Group, which develops and provides meals for the elderly.
The company, which provides internet of things systems, has plans to expand overseas too.
