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- icetana (ICE) is planning to raise $2.7 million through professional and sophisticated investors in a growth-focused placement
- Around 33.5 million shares will be issued at 8 cents per share with Sequoia Corporate Finance acting as lead manager of the offer
- Proceeds from the capital raise will be used to support extended sales, marketing activities and software development
- This includes the addition of sales enablement resources in the Americas and European markets, as well as deployment of targeted marketing collateral for the guarding services segment
- ICE shares are down 9.5 per cent at 9.5 cents
icetana (ICE) is planning to raise $2.7 million through professional and sophisticated investors in a growth-focused placement.
Around 33.5 million shares will be issued at 8 cents per share with Sequoia Corporate Finance acting as lead manager of the placement.
The company will issue around 20.5 million shares using its 15 per cent placement capacity and approximately 13.1 million shares using its 10 per cent capacity.
Subject to shareholder approval, subscribers will be eligible to receive one unquoted option for every 2 shares, with a scratch price of 15 cents each and an expiry date of 24 months from the date of issue.
Sequoia is entitled to around 6 per cent of proceeds from the placement with icetana seeking shareholder approval to issue 5 million options on the same terms for lead manager services.
icetana hopes to convene a shareholder meeting to approve these options in mid-January 2022.
The company intends to use funds to support extended sales, marketing activities and software development.
This includes the addition of sales enablement resources in the Americas and European markets as well as deployment of targeted marketing collateral for the guarding services segment.
icetana CEO Matt Macfarlene said further investment into the enhancements and launch of the updated products.
“This capital raise provides a solid basis for icetana to execute on our post-COVID
growth strategy and launch a range of new features to a growing market,” he said.
“We are very pleased with the new investors who have joined our register and look forward to delivering strong returns on the back of the trust they have shown.”
icetana shares are down 9.5 per cent at 9.5 cents at 4:15 pm AEDT.
