DFNN to raise additional capital through private placements

MANILA, Philippines — Listed DFNN Inc. is raising additional capital through private placements to fund its expansion and settle financial obligations.

In a stock exchange filing, DFNN said it secured board approval to obtain additional private placements from Nautilus International Management Corp. (NIMC) and Asia Defense and Armament Corp. (ADAC) to raise additional capital amounting to P45 million.

The transaction involves the issuance of 15.72 million DFNN common shares from the remaining unsubscribed and unissued portion of its current authorized capital stock at P2.8629 per share.

DFNN’s board also approved the additional private placement of NIMC and ADAC to subscribe to 35.52 million common shares with 14.21 million common shares allocated to NIMC and 21.31 million common shares to ADAC.

The management of DFNN has been delegated to set the price and other terms for the additional subscription.

DFNN said the proceeds for both private placements would be used to pay existing debts as well as expand the business by venturing into cybersecurity and artificial intelligence business and create or acquire new gaming platforms.

The proceeds will likewise be utilized to pay taxes and fees for issuance and listing of the new shares arising from the private placements.

DFNN earlier said it is planning to raise as much as P450 million from private placements to pay obligations and fund its expansion into new businesses.

Last April, the company entered into four subscription agreements, two of which have been fully paid and are now reflected as subscribed common shares.

DFNN is a publicly listed company committed to advancing innovation, transforming industries and creating positive impact.

Earlier this year, it formalized a strategic joint venture agreement Spain’s CIC Consulting Informático with the aim of creating “endless opportunities in the technology sector.”

The collaboration seeks to penetrate new markets, capture market share and deliver innovative products and services that meet the evolving requirements of businesses and investors.

In particular, the joint venture will target key sectors such as cybersecurity, e-banking, value added services, customer support, biometrics technologies, Internet of Things and blockchain.