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Healthcare technology company Visionflex Group Ltd (ASX:VFX) has raised $1.75 million through an institutional Placement, with the funding going towards a range of activities, starting with the boosting of inventory to allow for larger contracts.
The company – which provides a range of technology solutions to the healthcare sector, including GEIS cameras, all-in-one carts, and software such as the Vision Telehealth Platform – has secured commitments from professional and sophisticated investors to support the capital raising.
Its Executive Leadership Team has contributed to this, with a commitment of $110,000.
The Placement – which went beyond expectations, having an initial target of $1.5M – entailed the issuing of 437,500,000 fully paid ordinary shares priced at 0.4 cents each. This represents a discount of 20% to the final closing price on November 8, and a 25.4% discount to the 30-day trading VWAP.
Additionally, participating investors will receive one free attaching option for every 3 new shares to which they subscribe under the Placement.
The funds will be allocated to Visionflex’s efforts to increase its inventory, aiming to facilitate larger contracts, boost sales and marketing activity and provide working capital flexibility.
Visionflex has been trading flat at 0.5 cents.
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