Jaxsta Limited ACN 106 513 580 (Jaxsta or the Company, ASX: JXT), the world’s largest database of official music credits, proudly announces the successful completion of a share placement to sophisticated and professional investors. The demand for the placement was in excess of the funds the Company sought to raise. This offering has generated $3.0 million in gross proceeds (Placement), underscoring the market’s confidence in Jaxsta’s vision and potential.
The Placement, priced at $0.04 cents per share, represents a 24% discount to the closing price of Jaxsta shares on 13 June 2023. 75,000,000 fully paid ordinary shares will be issued as part of the Placement, leveraging Jaxsta’s 15% capacity under ASX Listing Rule 7.1 and its 10% capacity under ASX Listing Rule 7.1A.
Rich lister, Wisetech Founder and CEO, Richard White, has become a substantial shareholder with 9.64% as a result of this placement.
Linda Jenkinson, Jaxsta’s Chair, expressed her delight in Richard White’s involvement, stating, “We are thrilled to welcome Richard as a cornerstone investor in Jaxsta. His investment and support validate the significant strides we have made and our positive outlook moving forward.”
Joining Richard White, Jaxsta’s placement received support from Paul Wiltshire, an existing Jaxsta substantial shareholder and Founder/CEO of Songtradr, as well as Ken Gaunt, a long-term shareholder and Jaxsta NED.
The funds raised through this Placement will be dedicated to advancing several key initiatives, including the ongoing rollout and expansion of Vinyl.com, the integration of Vampr and Jaxsta, and AI R&D investment focusing on optimising the customer experience.
Red Leaf Securities led the share placement and Settlement is scheduled for 26 June 2023, with the newly issued shares expected to commence trading on 27 June 2023. These shares will rank equally in all respects with the Company’s existing fully paid ordinary shares, ensuring a seamless integration for investors.