illimity Bank S.p.A. announced that it has entered into a strategic alliance with new investor ION Investment Group Limited for private placement of 5,750,000 common shares at an issue price of 10 per share for gross proceeds of 57,500,000 on June 21, 2021. The investor will acquire 7.3% stake in the company. The company will issue warrants to subscribe additional 2,400,000 shares at a price of 12.5 per share between March to July 2022 for stake of 9.99%.
The transaction has been approved by the board of the directors of company and is subject to approval from extraordinary meeting of shareholders to be held on July 29, 2021.