- Cloud-based software-as-a-service platform Yojee (YOJ) has received binding commitments to undertake a $20 million placement
- All up, 100 million shares will be issued to institutional and sophisticated investors at 20 cents each
- Yojee will use the money to fast-track developments, revenue generation, and functionality, as well as for general working capital
- Company shares are up 4.26 per cent and are trading for 24.5 cents each nearing market close
Cloud-based software-as-a-service platform Yojee (YOJ) has received binding commitments to undertake a $20 million placement.
The company entered a trading halt on September 23 but did not disclose how much it would be raising.
All up, 100 million shares will be issued to institutional and sophisticated investors at 20 cents each.
This price represents a 14.9 per cent discount to the last close of 23.5 cents from September 24, and a 14.1 per cent discount to the 15-day volume-weighted average price of 23.3 cents.
Yojee will use the money to fast-track developments, revenue generation, and functionality, as well as for general working capital.
“We have made robust progress in developing a very strong base of multi-year commercial agreement with three leading global freight forwarders and shippers operating in the region over the last 18 months,” Managing Director Ed Clarke commented.
“This has created a sales base that we can progressively grow across their regional operations and beyond over time and has importantly created very strong inbound interest from other leading freight forwarders,” he said.
“The funds raised from the placement provide us with the opportunity to fast track our growth and scale-up our projects within existing clients. Funds from the placement will give us a strong runway to achieve our next phase of growth and scale our technology platform efficiently,” he added.
Yojee is up 4.26 per cent and shares are trading for 24.5 cents each at 4:10 pm AEST.