FortifAi to Raise AU$5 Million via Share Placement; Shares Up 10%

MT Newswires Live

02/20

FortifAi (ASX:FTI) received firm commitments to raise AU$5 million through the placement of 16.7 million shares at AU$0.30 apiece, according to a Friday filing with the Australian bourse.

An Australian fund manager committed to participating as the sole investor in the placement, the filing said.

Proceeds will be used to advance the company's business activities by funding key development milestones and driving commercialization activities, and for general working capital, per the filing.

Shares rose 10% in midday trade on Friday.

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