Australia

DomaCom launches entitlement offer to complete $6 million recapitalisation

DomaCom Ltd (ASX:DCL) has launched a $3 million equity raising to complete the total $6 million recapitalisation of the company proposed in September 2019.

DomaCom will conduct a pro-rata non-renounceable entitlement offer of one new share for every 4.72 existing DomaCom shares held on November 15, 2019 at an issue price of 7 cents per new share to raise about $3 million.

The equity raising is fully underwritten by Ascot Securities.

Following the equity raising, DomaCom will be well placed to continue the development and integration of the DomaCom Platform and support the growth in sales in both the superannuation and retirement markets via its innovative products.

Proposed use of funds

DomaCom chief executive officer Arthur Naoumidis said: “The Equity Raising represents another major milestone for DomaCom.

“This Equity Raising allows DomaCom to further expand the innovative product offerings that have been developed and to strengthen the balance sheet.

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