Way2VAT (ASX:W2V) received firm commitments to raise AU$1.3 million by issuing convertible notes to sophisticated investors and shareholders, according to a Monday filing with the Australian bourse.
The company will issue 11 notes, each with a face value of AU$50,000, for a total of AU$550,000, the filing said.
The remaining notes will be issued in two tranches, with the first tranche comprising five notes to be issued on or around March 3 and the second tranche consisting of 10 notes to be issued on or around April 1, the filing added.
The funds raised will support Way2VAT's ongoing business activities.
Shares of the company fell past 11% in recent Monday trade.
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