ASX, OVT, Ovanti, Capital Raise (PLACEMENT TO RAISE $500,000)

The directors of Ovanti Limited (Ovanti or the Company) advises that it has received firm commitments from sophisticated investors for a placement of 50,000,000 ordinary shares. raising the equivalent of $500,000 before costs, priced at $0.01 per share (the Placement).

Funds raised by the placement are intended to be applied towards:

1. Working capital to assist with the stabilisation, review and potential restructure of business operation; and

2. Further provision for costs associated with litigation and investigations.