Payright (ASX:PYR) is raising approximately $10.07M in capital through an underwritten accelerated renounceable entitlement offer of 125 new fully paid ordinary shares in the company for every 39 existing shares.
Payright says all new shares will be issued at a fixed price of $0.015 per share representing a 48.3% discount to the last closing price, a 58.9% discount to the 15-day VWAP and an 18.2% discount to the Theoretical Ex-Rights Price.
It also says funds raised will be used to invest in new and existing loan assets, pay down existing liabilities and costs of completion of ongoing projects, and for general working capital and offer costs.
The Offer is fully underwritten by MST Financial Services and Metrics, a substantial shareholder of Payright, which has agreed to fully sub-underwrite the Offer, and also notified the Company of its intent to take up its full entitlement under the Offer.