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Pushpay raises $18.7m in a private placement

Pushpay raises $18.7m in a private placement

Auckland, New Zealand | Redmond, Washington, USA – 30 September 2015

Pushpay Holdings Limited (NZSX:PAY) (‘Pushpay’) previously advised shareholders of its intention to undertake a private placement by November 2015. Pushpay is now pleased to announce that it has received and accepted commitments for a private placement of $18.7 million of new ordinary shares at $4.88 per share.

A number of existing shareholders, including interests associated with Pushpay Directors Bruce Gordon, Graham Shaw, Christopher Huljich and Alternate Director Peter Huljich, have subscribed for new shares in the placement and have all agreed to a 24 month embargo. In addition, Pushpay looks forward to welcoming a number of new shareholders to the register next week including Pie Funds Management, a top performing boutique fund manager.

Pie Funds Management Chief Executive Officer and Chief Investment Officer Mike Taylor says, “The opportunity for Pushpay is enormous and it’s not often you come across a company with this kind of potential that can rapidly scale its business model. We’re looking forward to seeing what one of the fastest growing SaaS companies in the world can achieve in the next 3-5 years.”

Pushpay will today send placement notifications to the investors specifying the number of new shares that they are required to subscribe for, and they will be required to pay for their shares by 5:00 pm on 2 October 2015. The new shares from the placement, subject to receipt of payment, are expected to be issued by Pushpay and quoted on the NZX Main Board on 5 October 2015.

Pushpay’s Chief Executive, Chris Heaslip said, “The success of the placement will provide Pushpay with the funding to further develop our product offering and as working capital to accelerate growth in international markets, focusing on our key target territory – the USA.”

ENDS

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