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Ava Risk Group Ltd. ( (AU:AVA) ) has provided an announcement.
AVA Risk Group has secured a second tranche of funding under its secured convertible note facility with U.S.-based Hale Capital Management and affiliates, raising an additional $4.02 million through the issue of 4,020,816 unlisted convertible notes, each with a face value of $1 and a conversion price of $0.1234 per share. Together with the initial drawdown of about $2.98 million and associated warrants, the package provides up to $7 million in funding plus potential warrant proceeds to support working capital, general corporate purposes and growth initiatives, including accelerated expansion of the company’s sales, marketing and operations, particularly in the U.S., while enabling any shares issued on conversion of the new notes to be freely on-sold to retail investors without further disclosure.
The most recent analyst rating on (AU:AVA) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Ava Risk Group Ltd. stock, see the AU:AVA Stock Forecast page.
More about Ava Risk Group Ltd.
AVA Risk Group Limited is an Australian security technology company that provides risk management, sensing and protection solutions for critical infrastructure and high-value assets. The group focuses on expanding its sales, marketing and operational footprint, with a particular emphasis on growth opportunities in the U.S. market.
Average Trading Volume: 231,812
Technical Sentiment Signal: Sell
Current Market Cap: A$16.01M
Learn more about AVA stock on TipRanks’ Stock Analysis page.