Frugl secures up to A$2 million to fuel growth

31 May 2024 14:26

Frugl Group Limited (ASX:FGL) has successfully secured a financing facility of up to A$2 million from Obsidian Global Partners, LLC Inc. This funding will be used to support the growth and expansion of Frugl’s two core business units –InFocus Analytics and Trienpont.

Increased funding for InFocus Analytics

Obsidian will invest up to $2 million through convertible notes for Frugl to support the expansion of InFocus Analytics, a core business unit that specialises in data analytics and business intelligence. They provide actionable insights that drive informed decision-making and strategic growth.

Initial funding

The first tranche of A$0.9 million will be completed in the coming days.

Additional funds of up to A$1.1 million can be drawn over the next nine months, subject to meeting specific conditions. The initial conversion price for the first tranche of notes is set at A$0.15 per share, which is significantly higher than Frugl’s last traded share price.

CEO’s Vision for Growth

Ken Tovich, Frugl’s Chief Executive Officer, expressed his enthusiasm about the new financing arrangement, stating, “This funding comes at a pivotal point for Frugl as we look to grow our two core business units – InFocus Analytics, a data analytics and business intelligence operation, and Trienpont, a digital solutions provider – into new products, new services, and new markets.

“In the past month alone, Frugl has made substantial progress across its business units, with InFocus Analytics and Trienpont executing contracts that bring in recurring revenue and securing new engagements through integrating their service offerings.”

Share Issuance

The notes and related shares, including 397,990 “Facility Fee Shares” and 5,000,000 “Placement Shares,” will be issued under ASX Listing Rule 7.1 capacity, without requiring further shareholder approval.

Today’s announcement marks a significant step forward for Frugl, providing the necessary resources to fuel its expansion and enhance its product and service offerings in the competitive analytics and digital solutions markets.

FGL’s Australian Security Exchange-listed share price is currently trading at $0.09 (1:45 pm UTC+ 8 hours).

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