CAX Reaches $5m Minimum Subscription

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CA_noshadow_blackAustralia’s first listed crowdfunding platform CoAssets Limited (“CoAssets” or the “Company”) (NSX code: CAX), is pleased to inform shareholders that it has already processed valid applications under the ASX IPO offer of A$5m, meeting the minimum subscription. Upon listing, the Company intends to use the funds raised on marketing and sales, IP costs, IT and product development. CoAssets aims to be the first listed crowdfunding and P2P lending platform on the ASX.

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Getty Goh, CEO & Co-founder of CoAssets

Commenting on the immediate success of the capital raising, CEO Getty Goh said

We see launching onto the ASX from the NSX as a natural progression, stemming from the growth of our services. We are thrilled to have received commitments for the minimum subscription in such a short amount of time and are confident this number will increase in the coming weeks. The confidence shown is great news for investors, shareholders and users of our unique platform.

Tremendous growth in the last year has seen CoAssets Limited expand its crowdfunding platform into China, Malaysia and Australia with the user base expanding from 21,000 to 50,000 over the last 6 months. The Prospectus has a maximum acceptance of A$10m and the Company is currently road showing to institutional investors in Australia, Hong Kong and Singapore.

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About CoAssets (NSX Code: CAX)

CoAssets is one of South-East Asia’s leading crowdfunding platforms, which is listed on the National Stock Exchange of Australia. It is not licensed and/or regulated by the Monetary Authority of Singapore. Officially launched in Singapore in July 2013, it currently has more than 49,000 registered users., and the amount successfully funded stands at more than S$43 million (US$30 million). The company won the Red Herring Top 100 Asia Award for 2014, as well as OPP Gold Award for Excellence and currently has offices in Australia, Malaysia and Singapore.

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