Initial $3M raise received from professional investors
Remainder target to be earned from share purchase plan at 15 cents per share
Significant pilot programs rolling out across North America
IRVINE, Calif., July 07, 2022--(BUSINESS WIRE)--Openn North America, a new offer and acceptance ‘proptech’ solution, announced today its Australian parent company, Openn Negotiation Limited, (ASX:OPN), has received firm commitments from sophisticated and professional investors to raise $3 million with remaining funding to be earned through the issue of fully paid ordinary shares at $0.15. Additionally, $2 million will come from a Share Purchase Plan at the same price, for a total capital raise of up to $5 million.
"The Capital Raising assists in assuring the timely delivery of the multiple pilot programs that are being undertaken across Canada and the United States, to ensure Openn is well funded through to live transactions and commercial roll-out in North America," said Openn MD Peter Gibbons.
Funds raised will provide additional capital for massive expansion across North America. The pipeline of new partner integrations with consumers, brokers, and agents is robust. The North American operational team has fast-tracked expansion into locations needing innovative purchase options. Additionally, these funds allow the Company to refine its software platform to meet the requirements of agents and consumers in North America.
"Openn is poised to meet the needs of real estate agents and consumers in this tight inventory and rising interest rate environment," said Eric Bryant, Openn NA Director of Operations. "This funding will accelerate the adoption of our fully-transparent real estate purchase process across North America."
Openn provides a technology platform that facilitates the real estate negotiation process, featuring digital offers and communication tools that enhance property transactions. Openn allows agents to manage buyers, accept offers and digitally finalize the sale from the palm of their hands. The technology empowers consumers with real-time tracking of the sales process and implements unparalleled visibility to allow for more informed buying and selling decisions.
About Openn North America
Openn North America Inc. is a property technology company offering a proprietary cloud-based software platform to support real estate agents in selling property online with greater transparency. The Openn platform facilitates the negotiation process, featuring streamlined digital contracting and automated communication tools, which enhances a property transaction. The solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation.
Openn Negotiation Limited (ASX: OPN) is an Australian property technology company offering a proprietary cloud-based software platform to support real estate agents in selling property online with greater transparency.
The Openn platform facilitates a negotiation process, featuring streamlined digital contracting and automated communication tools, which enhances a property transaction. The solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation, resulting in an optimal sales outcome.
This announcement contains forward-looking information that is based on Openn’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, negotiations, and product/service development. Generally, this forward-looking information can be identified by the use of terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.
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Openn Media Relations
Gaffney Austin, LLC