- Software company Prophecy International (PRO) receives firm commitments to undertake a $7.7 million share placement
- Approximately 9.5 million new shares will be issued to sophisticated, professional and institutional investors at 81 cents each
- Prophecy will use the money to expand its business development team and build on its current sales momentum with its eMite and Snare products
- PRO shares last traded at 93 cents each
Software company Prophecy International (PRO) has received firm commitments to undertake a $7.7 million share placement.
The company entered a trading halt on October 19 but did not disclose how much it intended to raise or what it would use the funds for once received.
Approximately 9.5 million new shares will be issued to sophisticated, professional and institutional investors at 81 cents.
This price represents a 14.8 per cent discount to Prophecy’s last trading price of 93 cents on October 19 and a 1.7 per cent premium to the 10-day volume-weighted average price.
Prophecy will use the money to expand its business development team and build on its current sales momentum with its eMite and Snare products.
CEO Brad Thomas commented on the placement and how the funds would be used.
“Our strategy has allowed us to move forward with our plan to boost penetration of the essential service segments of cybersecurity and cloud contact centres through our lead produces, Snare and eMite, by targeting new and existing customers across all industries,” Mr Thomas said.
“Having secured commitments to fund our next phase of growth, we can now continue to execute on our vision to develop into a globally relevant B2B software company, taking innovative Australian technology to the world, and rewarding our shareholders with market cap growth by pursuing both organic growth and acquisitions.”
PRO shares last traded at 93 cents each.