One Click Group (ASX:1CG) is set to raise about AU$3.3 million via the placement of 401 million shares priced at AU$0.0081 apiece, according to a Thursday filing with the Australian Securities Exchange.

In tranche one, 174 million shares will be issued, while the remaining 227 million shares will be issued in tranche two, subject to shareholder approval, the filing said.

Participants will also receive one free attaching unlisted option for every share issued under the placement, exercisable at AU$0.01 each with a three-year expiry, pending shareholder approval.

Proceeds will be used for growth strategy execution, including marketing, funding for next-day refunds, new product development, and working capital, according to the filing.

Euroz Hartleys was the lead manager for the placement.

Shares of the fintech company fell nearly 8% in afternoon trade.

Price (AUD): $0.01, Change: $-0.00100, Percent Change: -7.69%