TTG Fintech Limited (TTG) today announces that it has signed agreements with Allied Elite International Limited, a third party professional investor, which is unrelated to TTG, its Directors or any substantial shareholder, in respect of a placement of CHESS Depository Interests (CDIs) pursuant to TTG’s 15% placement capacity under ASX Listing Rule 7.1 (Placement).

TTG has agreed to place 1,060,000 CDIs at a price of AUD$3.05 per CDI (Placement CDIs) to raise AUD$3,233,000. The Placement issue price of AUD$3.05 per CDI represents a 10% discount to the closing price of TTG as at 30 June 2014.

Net proceeds of the Placement is expected to be approximately AUD$3.2 million, which will be used to finance TTG’s investment in the further development of Financial Electronic Authentication (FEA) and non-card clearing and settlement.

TTG will apply to the Australian Securities Exchange (ASX) for listing of the relevant CDIs. Completion of the Placement is expected to occur on 4 July 2014. The Placement is subject to the Placement CDIs being admitted to quotation on the ASX.

“The Placement represents investors’ confidence towards TTG’s further developments in the FEA and non-card clearing and settlement.” TTG’s Chairman Mr. Xiong said today.