Thrive Tribe Technologies (ASX:1TT) has secured firm funding commitments totalling $1 million from sophisticated and professional investors.
The capital raise will involve the issuance of 625,000,000 new shares at an issue price of $0.0016 per share.
The price reflects a 20% discount to the five-day volume weighted average price.
The funds raised in this placement will be utilised for the company's working capital requirements.
Clee Capital has been appointed as the lead manager for the placement, with a fee set at 6% of the total funds raised.
The issuance of new shares is set to proceed under resolution 4, which was approved by shareholders during the company’s annual general meeting held on Nov. 22.
"This funding round marks a significant step forward for our company as we continue to expand our reach and impact," stated Wes Culley, Executive Director of Thrive Tribe Technologies.
Thrive Tribe Technologies is an ASX-listed company engaged in the development of cloud-based software as a service product that enables subscribed companies to communicate with their employees in an innovative, engaging, and effective manner.