Close the Loop Ltd announced a private placement of 136.36 million common share through capital increase at an issue price of AUD 0.33 per share for gross proceeds of AUD 45 million on March 17, 2023. The transaction will included participation from sophisticated and institutional investors. The placement is being undertaken in 2 tranches.

In the first tranche of the placement, the company is issuing 80 million new shares to raise approximately AUD 26.4 million on March 23, 2023 and second tranche of the placement, the company will issue a further 56.36 million new shares to raise approximately AUD 18.6 million on or around April 28, 2023. The company plans to hold a general meeting of shareholders on April 21, 2023 to obtain shareholder approval for the second tranche of the placement. The capital raise was heavily oversubscribed.