Example
ABC Limited offers debt securities through a peer-to-peer lending facility in June 2015. ABC Limited raises $700,000 under this offer.
ABC Limited also offers ordinary shares through a crowd funding facility in November 2015. ABC Limited raises a further $400,000 under this offer.
ABC Limited also offers ordinary shares through a small offer under clause 12 of Schedule 1 of the Act in February 2016. ABC Limited raises a further $1.5 million under this offer.
In total, ABC Limited has raised $2.6 million from relevant offers. ABC Limited does not breach the small offer requirements in clause 12 of Schedule 1 of the Act. However, the $2 million aggregate limit condition under this clause has been breached and, accordingly, there may be consequences under Part 8 of the Act.