- Traffic Technologies (TTI) completes a $1.62 million shortfall placement under the rights issue offer document
- More than 54 million new fully paid ordinary shares will be issued at $0.03 each, with settlement expected to take place on December 15
- With the $2.17 million raised via a placement in November and the subsequent $3.4 million raised under the rights issue from existing shareholders, the company now has $7.19 million at its disposal
- The company say funds raised will be used to repay a significant portion of its debt, leading to a significant reduction of interest cost
- Traffic Technologies last traded at 3.1 cents at 11:20 pm AEDT
Traffic Technologies (TTI) has completed a $1.62 million shortfall placement under the rights issue offer document.
More than 54,292,000 new fully paid ordinary shares will be issued at $0.03 each, with settlement expected to take place on December 15.
The technology stock hoped to raise $6.73 million following a shortfall from a rights issue, which closed on December 3.
With the $2.17 million raised via placement in November and the subsequent $3.4 million raised under the rights issue from existing shareholders, the company now has $7.19 million at its disposal.
The company said the funds raised will be used to repay a significant portion of its debt, leading to a significant reduction of interest cost.
“We’re pleased with our recent efforts to recapitalise the business and set ourselves up for growth by paying down a significant part of our debt and strengthening our balance sheet,” said Managing Director of Traffic Technologies, Con Liosatos.
“We’ve had a successful string of contract wins awarded throughout November worth approximately $17 million and look forward to continuing the positive momentum into the new year.”
Traffic Technologies last traded at 3.1 cents at 11:20 pm AEDT.