Australian Health, Wellness and Skincare company Live Verdure Ltd (ASX:LV1) has received firm commitments to raise $1.68 million with support received from existing sophisticated and professional shareholders.
Under the terms of the Placement, the company will issue 22,400,000 new fully paid ordinary shares at an issue price of $0.075 per New Share. This issue price represents a discount of 18.5% to the company’s last closing price of $0.092 on Monday 4th September 2023.
The funds raised will be used for working capital to deliver against new product development (NPD), fund working capital requirements for retail partnerships and to further accelerate the company’s growth through investment in a range of sales and marketing initiatives. Proceeds from the issue will also enable the company to further progress partnership discussions and conduct due diligence on prospective partnership and M&A opportunities.
Since the acquisition of Edible Beauty in 2022, Live Verdure has received an increased number of local and international inquiries regarding companies looking to be acquired by or partnering with LV1. These enquiries span a broad range of sectors within the complementary health, wellness, and beauty industry, including some that incorporate groundbreaking technology, or leverage artificial intelligence (AI) into their offerings in order to deliver human resource and digital marketing optimizations and other growth driving solutions to LV1 Brands.
As Live Verdure looks to the future, staying cognizant of retail trends and global developments, we are continuing to assess the enquiries for the right opportunity; one that will complement the existing brands, deliver top line growth whilst also raising the profit profile of the company.
CPS Capital acted as lead manager on the placement.