K2fly (ASX:K2F) raises $6.2m in placement, Maptek snapping 13.2pc interest

• K2fly (K2F) raises $6.2 million in a placement, with Maptek playing a major part of the capital raise
• The company has issued over 34.4 million shares at 18 cents each, a 2.8 per cent discount to the last closing price
• Software company Maptek grabbed up most of the placement and is now K2fly’s largest shareholder with a 13.2 per cent interest
• Maptek’s Chairman, Peter Johnson, will join the K2fly Board as a Non-Executive Director
• K2F shares are up 22.9 per cent, trading at 21.5 cents per share

K2fly (K2F) has raised $6.2 million in a placement, with Maptek playing a major part of the capital raise.

The company has issued over 34.4 million shares at 18 cents each, a 2.8 per cent discount to the last closing price.

Software company Maptek has snapped up a $4.05 million investment for a 13.2 per cent interest in K2fly.

In addition to this, Maptek’s Chairman, Peter Johnson, will join the K2fly Board as a Non-Executive Director.

Maptek is the largest private mining software group in the world with annual revenues in excess of $120 million. It dominates the sector around the globe for mine planning and geological modelling software.

Funds from the placement will be used for product development and working capital to deliver and meet anticipated new contracts and advance the prospects of the company in the market.

“The investment by Maptek makes it K2fly’s largest investor and represents a significant validation of the K2fly business and growth outlook by the world’s largest privately held mining software business,” Non-Executive Chair Jenny Cutri said.

“On behalf of K2fly and the board, we very much look forward to working with Peter and Maptek as we continue to grow the K2fly business. Peter’s wealth of knowledge in applying and scaling innovative technological solutions in the mining sector into sustainable and profitable businesses will be invaluable to K2fly.”

K2F shares were up 22.9 per cent, trading at 21.5 cents per share at 3:49 pm AEST.