QuickFee (ASX:QFE) to raise $4.5m to achieve profitability

• QuickFee (QFE) launches a capital raise program to raise $4.5 million for further growth to achieve profitability
• The money will be used to increase scale in the US market, enhance its products, and to cover the costs associated with the capital raise
• The company has completed a placement, raising $4 million through issuing 40 million shares at 10 cents each
• In addition, QFE is seeking to raise $500,000 through a share purchase plan (SPP), issued on the same terms as the placement.
• Shares are trading flat today at 10 cents each

Payment solutions company, QuickFee (QFE) has launched a capital raise program to raise $4.5 million for further growth to achieve profitability.

The money will be used to increase scale in the US market, enhance its products, and to cover the costs associated with the capital raise.

The company has completed a placement, raising $4 million through issuing 40 million shares at 10 cents each, however, 3.5 million shares are still subject to shareholder approval.

In addition, QFE is seeking to raise $500,000 through a share purchase plan (SPP), issued on the same terms as the placement.

Eligible shareholders will be able to subscribe for up to $30,000 in new shares.

“Our capacity for continued growth in the US professional services space has attracted the support and partnership of world-class payments organisations,” Managing Director and CEO Eric Lookhoff said.

“Participating in this capital raise is Payroc, a global credit card and ACH processor, which globally facilitates US$65billion of payments volume annually, along with the investment and continued confidence of existing major shareholders.”

“I am grateful for their participation and that of our retail and institutional shareholders, which ensure that QuickFee is fully-funded as we continue to execute on our growth strategies and achieve near term profitability.”

Shares were trading flat today at 10 cents each at 3:39 pm AEST.