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Brokerage completes $1m capital raise

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Julianne Leybag 3 minute read

N1 Holdings Limited (ASX:N1H) has completed the issue of five million unlisted, unsecured convertible bonds, enabling the company to raise a total of $1 million.

The company — which comprises N1 Loans, N1 Realty, N1 Migration and N1 Venture — first listed on the ASX last year, and in the first half of the 2017 financial year announced that its loan book had grown by 38 per cent to $774 million.

In June 2017, N1 Holdings founder and chief executive Ren Wong commented on the company's capital raises, saying that they have enabled N1 to boost its business.

“Without the capital raise, we wouldn’t have been able to do what we have done — acquire a property management company, break into the real estate space and establish a migration business, [and launch] a car leasing product. To do all this, you need talented people, and you need to give them a proper salary,” Mr Wong said at the time.

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At $0.20 per convertible bond, the new capital raise was completed for $1 million, with the total number of convertible bonds on issue increasing from 1.85 million to 6.85 million.

Proceeds of the issue will reportedly be used to "fund potential acquisitions and for working capital purposes". 

[Related: Ren Wong on diversification, customer service and listing on the ASX]

Brokerage completes $1m capital raise
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