Australia-based AD1 Holdings (AD1:AU), previously known as ApplyDirect, announced that it has lifted its suspension of trading following the completion of a capital raising.

The company announced that it has received firm commitments to undertake a placement to raise over AUD 2.0 million (USD 1.5 million).

The capital raising of more than AUD 2.0 million (USD 1.5 million), will result in the placement and issue of approximately 63.5 million new fully paid ordinary shares in the company to existing and new investors. The directors of the company also participated in this capital raising, and their participation will be subject to shareholders’ approval at the upcoming general meeting.

The funds raised under the placement will be used partly to settle the second tranche of the Art of Mentoring acquisition upon this business unit achieving its financial performance milestones, with the remainder to fund the company’s growth initiatives.

Art of Mentoring (AoM) is a software-as-a-service business and platform for mentoring programmes, which the group acquired in September 2020.

Earlier this month, the group reported a business update which showed that its subsidiary Art of Mentoring recorded quarter-on-quarter revenue growth for the quarter ending September 2021 that breaks its previous record by 94%.

AD1’s CEO and Management Director Brendan Kavenagh said, “I would like to thank the existing and new institutional and sophisticated investors for their support in this capital raising initiative. The funds will complete the final cash component of the acquisition terms for the Art of Mentoring division, which continues to demonstrate impressive growth and provides the resources to continue to further develop our product offering and expansion plans throughout the broader AD1 group.”

“We look forward in continuing our development and refinement of our sales offerings along with allocating resources to continue to grow the AD1 client base and continue to grow new revenue generating opportunities. The company has an exciting pipeline of growth opportunities over the next 12 months and we look forward to continue to deliver innovative solutions for our clients to drive shareholder value,” Kavenagh said.