Naked Brand Group completes $3.4M private placement
Naked Brand Group Limited has closed a private placement of ordinary shares and warrants for aggregate gross proceeds of approximately $3.4M with two accredited investors, including the Naked CEO, Justin Davis-Rice, and the company's largest institutional shareholder, Armistice Capital. The ordinary shares were sold at a per share price of $1.55 pursuant to a subscription agreement with each investor. Each investor also received a warrant to purchase 100% of the number of ordinary shares for which it subscribed. The warrants have an exercise price of $1.55 per share and will expire three years from the date of issuance. The exercise price and number of shares covered by the warrants are subject to adjustment for stock splits, stock combinations and certain other transactions affecting the share capital as a whole, and the exercise price is subject to adjustment for subsequent equity issuances within 90 days of the closing. Naked also agreed to file a registration statement covering the resale of the ordinary shares sold in the private placement and issuable upon exercise of the warrants within 45 days after the closing. Naked intends to use the proceeds from the private placement and any cash exercise of the warrants for working capital and general corporate purposes.