- Harvest Technology Group (HTG) receives binding commitments to raise $6.78 million through a private placement for its growth strategy
- The company will issue about 38.5 million new shares at an issue price of 15 cents each, representing no discount to the last traded price
- Each new share comes with an attaching option, exercisable at 25 cents each and expiring 24 months from the date of issue
- The funds will be used for additional resources to boost customer sales and marketing, support services, and global expansion of business development initiatives
- Shares are trading 6.67 per cent higher today at 16 cents each
Harvest Technology Group (HTG) has received binding commitments to raise $6.78 million through a private placement for its growth strategy.
The company will issue about 38.5 million new shares at an issue price of 15 cents each, representing no discount to the last traded price.
Each new share comes with an attaching option, exercisable at 25 cents each and expiring 24 months from the date of issue.
The funds will be used to accelerate the company’s growth strategy including additional resources to boost customer sales and marketing, support services, and global expansion of business development initiatives.
The money will also be utilised for the release of enhanced Nodestream and RIS applications, as well as research and development.
It also plans to expand its footprint within the defence and government sectors.
The company will use its placement capacity to issue new shares and options.
Subject to shareholder approval, 6.7 million new shares will be issued to company directors, Paul Guilfoyle and Marcus Machin.
Chairman Jeffery Sengelman said he was pleased with the placement.
“On behalf of the board, I would like to thank both existing and new shareholders for their participation in the placement,” he said.
“The placement allows the company to accelerate execution of its strategic growth priorities both domestically and internationally.”
Shares were trading 6.67 per cent higher today at 16 cents each at 12:25 pm AEDT.