DFNN Inc., a listed information technology firm, said Friday its board has approved a P45-million capital-raising initiative through the private placement of additional shares to Nautilus International Management Corp. and Asia Defense and Armament Corp.
Proceeds from the fundraising exercise will be used to pay debt and bankroll expansion plans into technology and gaming platforms.
The listed firm will issue 15.7 million new shares at a price of P2.8629 each, a 2 percent premium over the weighted average closing price the past 30 trading days. A total of 6.3 million shares will be issued to NIMC and the balance of 9.4 million will go to ADAC.
DFNN said its board also approved another private placement that earmarked 35.5 million more shares for NIMC and ADAC. It said the board delegated to management the determination of price and other terms of the private placement, which will sell another 14.2 million shares to NIMC and 21.3 million shares to ADAC.
The proceeds from both private placements are earmarked for several strategic purposes: paying off existing debts, expanding the business into cybersecurity and artificial intelligence, and potentially creating or acquiring new gaming platforms.
The funds will also cover taxes and fees associated with the issuance and listing of the new shares resulting from these placements.
