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Chapmans raises A$7.34M in share issuance

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Chapmans raises A$7.34M in share issuance

Australia-based investment company Chapmans Ltd. raised A$7.34 million via a share issuance.

The company said March 26 that it will issue 917,500,000 shares at 0.8 Australian cent per share on or around April 3. Each share will be issued with a free attaching option on a 1-1 basis, exercisable at 1.5 cents per share on or before Nov. 30, 2021.

Proceeds will go toward existing and new investments, including an investment in Canadian data processing center and cryptocurrency mining company GPU.One Holding Inc.

Chapmans and GPU.One have entered into a binding term sheet for the former to subscribe to 50% of GPU.One's common stock for a total of C$15 million, with C$7.5 million due on completion and the rest on a deferred basis.

Further, the company's directors will invest a further A$750,000 on the same terms as the share placement, subject to shareholder approval.

CPS Capital Group Pty. Ltd. was the lead manager for the capital raising.