- Integrated Payment Technologies (IP1) has raised $3 million in a placement to professional and sophisticated investors
- Through the placement, the company issued around 76.9 million new ordinary shares at 3.9 cents each
- IP1 claims that there was significant interest in the placement but that the company scaled it back to $3 million
- Placement proceeds will fund acceleration of the company’s pre-existing operations and expansion of growth opportunities
- Integrated Payment Technologies is down 4.44 per cent and trading at 4.3 cents per share
Integrated Payment Technologies (IP1) has raised $3 million in a placement to professional and sophisticated investors.
The fintech company issued 76,923,077 new ordinary shares, at 3.9 cents each. InPayTech claims that the placement garnered significant interest from investors, but that the company decided to scale it back to $3 million.
IP1 will use the proceeds of the placement to fund acceleration of the company’s pre-existing operations and expansion of growth opportunities. In particular, the company plans to accelerate the integration of combined products, in order to realise costs benefits and streamline its market offerings.
InPayTech will expand its business development, marketing, and product management capability to execute on the company’s significant pipeline. Further, the company aims to leverage its Australian and international patents in order to grow.
It’s expected that subscription funds for the placement’s ordinary shares will be received on March 4, 2021. Shares from the placement should be issued on March 5, 2021.
Sanlam Private Wealth, which led the company’s placement, will receive lead manager fees consisting of both cash and unlisted options. The lead manager will receive a capital raising fee equalling six per cent of the placement’s gross proceeds plus GST.
Sanlam will also receive a corporate administration and management fee of $5000 plus GST, and the issue of 2.85 million unlisted options. The options will have a strike price of seven cents, and will expire two years from the date that they are issued on.
Integrated Payment Technologies is down 4.44 per cent and trading at 4.3 cents per share at 11:30 am AEDT.