- Bill Identity (BID) is aiming to raise $7 million through a placement and share purchase plan (SPP) to fund company growth
- The placement has received firm commitments to raise $6 million through issuing shares at 10.5 cents each
- The SPP will aim to raise an additional $1 million, offered at the same price as the placement
- The funds will be used for the company’s SaaS technology platform including its High Quality Source Data products and launching channel partner networks in the UK, Australia and NZ
- Shares were trading flat today at 13 cents each
Utility bill management company, Bill Identity (BID) is aiming to raise $7 million through a placement and share purchase plan (SPP) to fund company growth.
The placement has received firm commitments to raise $6 million through issuing shares at 10.5 cents each.
It will issue 57.6 million new shares over two tranches, as well as one free attaching option for every three shares subscribed for.
The SPP will allow eligible shareholders to subscribe for up to $30,000 in new shares, offered at the same price as the placement. This will aim to raise an additional $1 million.
The funds will be used for the company’s SaaS technology platform including its High Quality Source Data products, the launching of channel partner networks in the UK, Australia and New Zealand, and executing sustainability use cases.
CEO and Managing Director Michele Garra said the funds will assist the company to execute its strategy.
“I would like to thank all our shareholders for their patience and support over recent months as Bid undertook an extensive strategic review, and began to execute on significant operational change,” she said.
“This work has set the foundation to position Bid to drive revenue growth and improve profitability moving forward.”
Shares were trading flat today at 13 cents each at market close.