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| Subject: priced at A$3.75 A$4.20 CAT 26/11 | |
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Author: anonymous |
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Date Posted: 18:33:01 11/25/02 Mon CATUITY INC 2002-11-26 ASX-SIGNAL-G HOMEX - Sydney +++++++++++++++++++++++++ Catuity Inc (NASDAQ: CTTY; ASX: CAT) today announced it had completed a private placement of 543,666 common shares to raise A$2 million (US$1.14 million) with three accredited professional investors in Australia. Terms of the equity placement called for the purchase of a unit for A$11.25 with each unit consisting of three shares of common stock priced at A$3.75 (being the fair market price per share on the date of the transaction) and one option to purchase a share of common stock at an exercise price of A$4.20 before November 1, 2004. The exercise price of the options represents approximately a 12% premium over the current market price of Catuity shares. The investors included Boom Australia Pty Ltd ("Boom"), the family trust of Mr Duncan P F Mount, an independent non-executive Director on Catuity's Board of Directors. Pursuant to Australian Stock Exchange rules, Boom Australia Pty Ltd's subscription for 90,000 common shares is subject to shareholder approval. Following the placement, the issued capital of Catuity will be 8,554,004 common shares. Proceeds from the placement will be used for general operating purposes, including furthering Catuity's investigation into the data analytics and predictive modelling aspects of Customer Relationship Management. A placement fee of 3% is payable. Michael V Howe, Chief Executive Officer of Catuity, made the announcement noting, "We are delighted to have completed this private placement in light of the very tough investment and stock market conditions throughout the world. We can now continue our aggressive pursuit of our growth strategy." "We remain on track to achieve our forwardprojections for this year which were announced by the Company to the market on September 18, 2002. Cash reserves at 31 December 2002 are now projected to exceed A$6.25 million (US$3.5 million) including the placement funds." [ Next Thread | Previous Thread | Next Message | Previous Message ] |