Flamingo AI Raises $10M Through Placement

KEY TAKEAWAYS:

• Flamingo AI has raised $10,000,000 in a successful capital raise.
• Flamingo gears up for the consistent path of Artificial Intelligence in the market.
• Designated quota projection for extended product and sales conversion in the US and the Asia Pacific.

Flamingo Al Limited (ASX: FGO), Sydney-based Artificial Intelligence firm and innovator in Cognitive Virtual Assistant platforms, proudly releases key information regarding its acceptance of binding commitments to raise the pre-cost rate of $10,000,000 by the 161,290,323 placement of ordinary shares. Specifically at an issue price of 6.2 cents for each share.

Results of the in-demand placement administered to new and existing local and foreign institutional clients and sophisticated investors followed the ASX Listing Rules 7.1 capacity of 120,967,742 and ASX Listing Rules 7.1A with the amount of share for issuance is 40,322,581.

Agreement in accordance to the placement for 6.2 cents per share represented a 10.1% discount based on the finalized closing rate shares last December 11, 2017, worth 6.9 cents each as facilitated by the designated lead manager, Bell Potter Securities Limited. The settlement and issuance of placement will commence on December 18, 2017, as plotted and embark on the trading by the following day.

The progressive boost in the market perception encompasses the remarkable fresh possibilities of its famous AI technology gained a steadfast attention towards the market profitability. Significant support from the local and global investors motivated in engaging the advancement of Flamingo in the market. Flamingo embraces the mutual efforts and adheres to the furthering investment ensuring the optimum performance of the company starting 2018 aiming at a robust core in the elevated provision of consistent revenue performance and expedited flowing progress operations.

Utilisation of the aforesaid funds will have the purpose of enhancing the promulgation as part of the aligned marketing strategies for the Flamingo product concentrating on absolute sales conversion in the U.S., Australian and Asian consumers. Additional upgrading in nurturing the continuous learning processes and creating latest items for the platform.

About Flamingo AI Limited (ASX: FGO)

Based in NYC and Sydney, Flamingo is an enterprise technology (SaaS) company in the emerging fields of Machine Learning and Conversational Commerce that helps businesses to automate online customer experiences for financial services.

Flamingo provides a suite of AI-powered Virtual Customer Assistants helping businesses to improve online sales conversion rates, customer experiences and reduce service costs. Our Virtual Customer Assistants, powered by Flamingo’s AI ‘ROSIE’ & ‘MAGGIE’, seamlessly combine chat, smart workflow, natural language processing and machine learning to automatically guide your customers through their online sales or service journey and help them to achieve what they set out to do. This means convenient, more personalised and faster online customer experiences.

Flamingo was acquired by ASX listed Cre8tek Limited in June 2016. The company’s ordinary shares are traded on the Australian Securities Exchange (ASX) under the ticker code CR8.