Simble Solutions (ASX:SIS) set to raise $375,000

• Software developer Simble Solutions (SIS) has received commitments from sophisticated investors and company Directors for a $375,000 placement
• However, in order for the Directors to participate, shareholder approval must be given before any shares can be issued
• More than 20 million fully paid ordinary shares will be issued at a price of $0.018 each
• Money raised will enable Simble to provide working capital, build recurring revenue and positive cashflow, and strengthen its financial position
• Simble has ended the day with no change and shares trading for 1.2 cents each

Simble Solutions (SIS) has received commitments from sophisticated investors and company Directors for a $375,000 placement.

However, in order for the Directors to participate, shareholder approval must be given before any shares can be issued.

A total of 20.833 million fully paid ordinary shares will be issued at a price of $0.018 each.

All issued shares will have free attaching options on a one-for-two basis and expire two years after issued.

Of the 20.833 million issued shares, approximately 6.781 million will go to shareholders while the remaining 14.052 will be for the Directors, given shareholder approval.

As announced on January 31, Simble’s share purchase plan is expected to close on March 27.

Eligible shareholders have the opportunity to subscribe for up to $30,000 in fully paid ordinary shares at a price of $0.016 per share.

Money raised from both the placement and share purchase plan will allow Simble to provide working capital, build recurring revenue and positive cashflow, and strengthen its financial position.

“We are delighted by the strong shareholder support we have received for the placement, especially during these unprecedented times and difficult market conditions,” CEO Ronen Ghosh commented.

“It is particularly encouraging that the capital has been raised at a premium to the current VWAP (volume-weighted average price) as well as the share purchase plan issue price,” he added.

Simble specialises in cloud-based energy management and monitoring, and the “internet of things” (IoT) to improve productivity, enhance engagement and reduce costs.

Simble has ended the day with no change and shares trading for 1.2 cents each in a $2.032 million market cap.