- YPB Group will raise $1.6 million in a placement to repay debt
- The placement will include an issue of approximately 224 million of shares for 0.714 cents per share
- Over 60 days, 29 million codes were issued for the company’s cannabis and pharmaceutical customers
YPB Group will raise $1.6 million in a placement to repay debt.
The placement will include an issue of approximately 224 million of shares for 0.714 cents per share.
The funds from the share will repay debt, fund marketing costs, business development activities and general working capital purposes.
EverBlu Capital was appointed Corporate Adviser and Lead Manager in the placement and will receive a fee of 6 per cent on all capital raised.
The company will not seek shareholder approval for the placement.
YPB is an Australian based technology company that is a global leader in brand protection and customer engagement with offices in Australia, China, Singapore, Thailand and USA.
YPB’s technology is also trusted by the world’s largest passport issuing nation to ensure the authenticity of its passports.
“We are intently focused on converting the opportunities developed recently, together with a leaner operation, to greatly reduce our reliance on external capital and to substantially grow shareholder value,” CEO John Houston said.
In 2008 the company achieved a significant technical advance with the world’s first smartphone readable covert counterfeit.
On Monday the company announced it had reached a significant milestone of over 100 million proprietary QR codes know as “ProtectCodes”.
Over 60 days, 29 million codes were issued for the company’s cannabis and pharmaceutical customers.
YPB current focus is on dairy, cannabis, alcohol and cosmetics where the viral growth of fake products, particularly in Asia, affects brand value and endangers consumers.