- Simble Solutions (SIS) receives firm commitments to raise $1.65 million from new and existing institutional investors via a placement to assist in the company’s growth and expansion in Australia and the UK
- Simble reported that the placement was significantly oversubscribed with demand exceeding the amount the company sought to raise and as a result, directors Daniel Tillet and Fadi Deha have agreed to not participate.
- However, the directors will exercise existing options held by them with an intrinsic value below the placement, which will contribute an additional $125,000 of capital
- SIS shares are down 12.0 per cent, trading at 2.2 cents a share
Simble Solutions (SIS) receives firm commitments to raise $1.65 million from new and existing institutional investors via a placement to assist in the company’s growth and expansion in Australia and the UK.
The company reported that the placement was significantly oversubscribed with demand exceeding the amount the company sought to raise.
As a result, directors Daniel Tillet and Fadi Deha have agreed to not participate in the placement but will exercise existing options held by them with an intrinsic value below the placement, which will contribute an additional $125,000 of capital.
The company will issue up to 82.5 million ordinary shares at two cents.
Investors will receive one free attaching option for every one share subscribed, exercisable at four cents, expiring August 10, 2024.
Allotment of placement shares will be split into two, the first expected on March 18 and the second around May 24, pending shareholder approval.
Funds raised will be used to expand the company’s growth and expansion in Australia and the UK, increase business development capability, and secure new customers, especially for CarbonView.
The CarbonView Software-as-a-Service (SaaS) platform has gone through significant development as Simble has pursued growth through direct sales and a partner channel ecosystem.
Additional funds will be used to support new contract delivery capability and strengthen Simble’s balance sheet.
SIS shares were down 12.0 per cent, trading at 2.2 cents a share as of 11:30 am AEDT.