Hiremii Limited Announces Capital Raise and New Director Appointment

Capital Raise Details

Hiremii Limited has secured commitments from professional and sophisticated investors to raise $600,000 before costs. The funds were raised through the issuance of 10 million fully paid ordinary shares at an issue price of $0.06 per share. This price represents a 33% premium to the company's last closing price of $0.045 per share and a 23% premium to the 15-day volume-weighted average price (VWAP) of $0.049 per share.

Investors will also receive options on the basis of one option for every three shares subscribed and issued. These options have an exercise price of $0.07 and an expiry date two years from the date of issue. The placement shares and options are expected to be issued around 27 September 2024.

Utilization of Funds

The proceeds from the capital raise will be utilized for the continued development of Hiremii's AI-driven recruitment platform, the expansion of recruitment services, and general working capital. CEO and Managing Director, Andrew Hornby, expressed his delight in welcoming new investors and highlighted the strong premium at which the placement was completed, demonstrating the existing value in the company's subsidiary, Inverse Group, and the momentum in their AI recruitment platform.

New Director Appointment

Hiremii has also announced the appointment of Yingyi (Sophie) Chen as a Non-Executive Director, effective from 31 October 2024. Sophie Chen brings over a decade of experience in banking and capital markets, with a focus on corporate mergers and acquisitions, restructurings, and capital raising. Her expertise in optimizing operational efficiency and creating strategic partnerships is expected to drive profitability and value creation for Hiremii.

Lead Manager and Investor Relations

Sequoia Corporate Finance Pty Ltd acted as the lead manager for the placement. As consideration for their services, Hiremii will pay a capital raising fee of 6% of the total funds raised, with 5% of this fee being taken in shares. This results in the issuance of 750,000 shares at an issue price of $0.04 per share.

Additionally, Hiremii has entered into an investor relationship management services agreement with Calaite Capital Partners Pty Ltd. As part of this agreement, Hiremii will issue 3,000,000 performance rights to Calaite Capital, with vesting milestones based on achieving specific share price targets by 14 September 2025.