FortifAI (ASX:FTI) has secured $5 million through a strategic placement to a leading Australian institutional fund manager, signaling a high-conviction endorsement of the company’s AI-driven strategy.
The placement involves the issuance of approximately 16.67 million shares at $0.30 per share, a move designed to strengthen the company’s balance sheet.
Proceeds from the capital raise are earmarked for advancing key development milestones, driving commercialisation activities, and providing general working capital.
The placement, managed by 708 Capital and Sandton Capital Advisory, is expected to settle on Feb. 26.
By bringing a high-quality institutional shareholder onto the register, FortifAI positions itself to aggressively execute its long-term business objectives in the evolving tech landscape.
At the time of reporting, FortifAI's share price was $0.44.