Collaborate Corporation Ltd (ASX:CL8) Shortfall on Underwritten Entitlement Issue

Collaborate Corporation Limited (ASX:CL8) (Collaborate or the Company) advises that the partially underwritten 1 for 8 non-renounceable entitlement offer of fully paid ordinary shares (Shares) to existing eligible shareholders (Entitlement Issue) closed on 22 October 2018.

Collaborate received a strong response from its shareholders, particularly in relation to application for Shortfall Shares, with 69,284,711 Shares subscribed for representing a take up of 90% of the total Shares offered under the Entitlement Issue and raising $1.04 million.

The Company advises the results of the Entitlement Issue as follows:

------------------------------------------------------------------
                      Number of Shares    $            Number of 
                                                      shareholders
------------------------------------------------------------------
Number of Shares                                      
available under the
Entitlement Issue       77,389,732       $1,160,846     1,670 
------------------------------------------------------------------
Number of Shares 
subscribed for under 
the Entitlement Issue   69,284,711       $1,039,271      294
------------------------------------------------------------------
Number of Shortfall 
Shares                  8,105,021        $121,575        N/A 
------------------------------------------------------------------

The results of the Entitlement Issue include advances made by the underwriters, sophisticated investors Hishenk Pty Ltd, Reefpeak Pty Ltd, Mishki Pty Ltd, Scintilla Strategic Investments Limited, alongside officers of the Company: Chris Noone, Adrian Bunter and Karen Logan.

Pursuant to the Entitlement Issue Prospectus dated 14 September 2018 and Underwriting Agreements, all acceptances of entitlements and applications for shortfall under the Entitlement Issue will be allotted in full and the Underwriters have been notified of the shortfall.

CEO and Executive Director, Mr Chris Noone, said "We take this opportunity to thank Collaborate's shareholders, both large and small, for their support and participation."

The Company will proceed to allot and issue the Shares in accordance with the Entitlement Issue timetable.


About Collaborate Corporation Ltd

Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' businesses. Collaborate currently has three core business segments: www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business; www.MyCaravan.com.au Australia's leading peer-to-peer caravan rental business; and www.Mobilise.com an online hire marketplace to unlock the enormous potential of under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people to safely transact with each other in the sharing economy.

     

Related Companies

Collaborate Corporation Ltd