FINEOS (ASX:FCL) successfully raised $70 million through an institutional placement, an upsize of $10 million following support from security holders.
The life, accident and health insurance software issued approximately 16.3 million new fully paid chess depositary interests (CDI) over ordinary shares, at an offer price of $4.30 per new CDI.
The placement price represents a 5.1 per cent discount to FINEOUS’ closing price of $4.53 per CDI on 2 Sep this year.
FINEOS said the funds will be used to support their opportunity pipeline and provide working capital and balance sheet support for planned R&D investments and organic and inorganic growth opportunities.
Shares in FINEOS Corporation (ASX:FCL) are trading 0.9 per cent higher at $4.57.
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