9 Spokes International Limited (ASX:9SP) announced a private placement of 277,777,778 common shares at a price of AUD 0.036 per share for gross proceeds of AUD 10,000,000 on August 28, 2020. The transaction will include participation from existing institutional shareholders, including Alium Alpha Fund, a fund managed by Alium Capital Management Pty Ltd and a small number of new key Australian-based institutional investors. The company will receive funding in two tranches, with first tranche of approximately 166,00,000 shares to be issued on September 4, 2020 and second tranche of approximately 111,800,000 shares to be issued on September 29, 2020, subject to shareholders' approval in its extraordinary general meeting to be held on September 23, 2020. As a part of the transaction, the company will incur expenses of AUD 300,000 related to further commissions, legal, registry and issue of shares.