Collaborate: Announces $3.5M entitlement issue

September 1, 2020

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Collaborate: Announces $3.5M entitlement issue

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Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

Vehicle lender Collaborate (CL8) plans to offer a non-renounceable entitlement issue of shares and free-attaching options
The company hopes to raise approximately $3.5 million, before costs, through the partially underwritten entitlement issue
Collaborate will also offer up to approximately 384 million new shares at an issue price of 0.9 cents each
The entitlement issue proceeds will fund continued growth of the Carly car subscription business and DriveMyCar car rental business
Collaborate’s CEO, Chris Noone, thanked all company shareholders for their past and ongoing support
Collaborate Corporation fell 11.11 per cent, to trade for 0.8 cents per share