- Security and surveillance technology company Spectur (SP3) raises $1.15 million through a security purchase plan (SPP)
- The SPP, which followed a $1.9 million placement, initially aimed to raise $500,000, however, it received applications for $1.13 million
- Spectur is also accepting $17,000 under the shortfall offer which takes the total amount raised from the placement and SPP to $3 million
- These funds will be used for Spectur’s expansions plans across Australia and other development costs
- Company shares end the day five per cent in the red at 3.8 cents
Spectur (SP3) has raised $1.15 million through a security purchase plan (SPP) and shortfall offer.
The security and surveillance solutions company initially sought to raise $500,000 in the SPP which followed a placement that raised roughly $1.9 million in July.
The SPP was open from July 19 until August 3 and gave eligible shareholders the opportunity to apply for up to $30,000 worth of new shares at the same price as the placement (3.6 cents).
The SPP received was strongly supported by shareholders who raised $1.13 million and a further $141,600 was applied for in the shortfall offer, making the SPP oversubscribed.
Spectur’s board will accept $17,000 worth of applications under the shortfall offer and the remaining $124,600 will be scaled back on a proportionate basis.
Under the SPP and shortfall offers, the company expects to issue 31.9 million shares and 15.9 million free-attaching bonus options, subject to shareholder approval.
In total, the placement and SPP raised around $3 million which Spectur will use to support market expansion across south and regional Australia, making improvements to its modular platform, buying additional inventory, expanding marketing, and fundraising costs.
Spectur’s core products include solar powered warning, deterrence and surveillance systems and associated cloud-based platforms. The company is hoping to build “market dominance” in the Australian government and utilities sector to meet the demand for remote camera and internet-of-things solutions.
Company shares ended the day five per cent in the red at 3.8 cents.