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  • Solutions provider Elsight (ELS), has announced a placement to raise up to $3 million
  • The company will issue 9 million shares at a price of 32 cents per share to Hong Kong Investors
  • Elsight has also announced the appointment of Peter Ashley Marks as a Non-Executive Director of the company
  • Elsight is up 8.11 per cent on the ASX and is selling shares for 40 cents apiece

Service solutions provider Elsight (ELS), has announced a placement to raise up to $3 million.

The company has received firm commitments from a group of Hong Kong significant investors in a private placement of new shares.

Elsight will issue 9 million shares at a price of 32¢ per share to raise $2.88 million. There are no direct fees associated with the raising.

The Hong Kong Investors have been shareholders since the early days in the company’s history since it was listed in the Australian Securities Exchange (ASX), and have acquired a significant shareholding.

CEO Nir Gabay is grateful for this investment and the company’s long term investors.

“We see this expansion of their shareholdings as a very positive development for the company and are thankful for the continued support of our cornerstone investors as we accelerate our Halo v1.1 sales and marketing efforts,” he said.

Proceeds from the placement will be used to speed up sales and marketing efforts for the Halo v1.1 communications platform and the release of over 90 Halo v1.1 units to customers for POC testing.

The funds will also be used for working capital for the manufacture of these products.

Elsight has also announced it has appointed Peter Ashley Marks as a Non-Executive Director of the company, effective immediately.

Peter brings over 30 years of experience in corporate advisory and investment banking to the Board.

Over Peters career, he has specialised in capital raising IPOs, cross border M&A
transactions, corporate underwriting, and venture capital transactions for companies in Australia, the U.S., and Israel.

He has been involved in a very broad range of transactions, focusing in life sciences, biotechnology, medical technology and the high tech segments.

“I am pleased to be joining Elsight as a Non-Executive Director at this time, and am excited to be working with the company and its Directors as the commercialisation of Halo accelerates,” Peter Said.

The company says that Peter brings invaluable experience to the Board and he will be an important asset to the company.

“We are extremely pleased that Peter has joined the Board of Elsight,” Nir told the market.

“His vast and diverse experience across a broad range of sectors and his exceptional business and legal acumen will be of enormous value to the company in 2020 and beyond,” he added.

Elsight is up 8.11 per cent on the ASX and is selling shares for 40 cents apiece at 12:50pm AEDT.

ELS by the numbers
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