- Technology company Zimi (ZMM) receives firm commitments to undertake a $3.85 million share placement
- More than 256 million shares will be issued to sophisticated and institutional shareholders at 1.5 cents
- Participants will also receive one free attaching option for every two shares subscribed for, exercisable at three cents with expiry two years from issue
- Once received, Zimi will use the funds to accelerate its sales strategy which includes its cloud and device product suites
- Shares in Zimi are down 11.1 per cent on the market and are trading at 1.6 cents at 11:26 am AEST
Zimi (ZMM) has received firm commitments to undertake a $3.85 million share placement.
The technology company entered a trading halt on August 18 but did not disclose how much it intended to raise or how it would use the money.
A total of 256.67 million shares will be issued to sophisticated and institutional shareholders at 1.5 cents each.
Participants will also receive one free attaching option for every two shares subscribed for, exercisable at three cents with expiry two years from issue.
The placement will be undertaken in two phases, with phase one set to issue 150.8 million shares to raise $2.26 million.
Phase two, which is subject to shareholder approval, will involve the issue of 105.9 million shares and 128.33 million options.
Once received, Zimi will use the funds to accelerate its sales strategy which includes its cloud and device product suites.
CEO Brett Savill commented on the placement.
“This placement has provided Zimi with the necessary capital to continue to accelerate its growth,” Mr Savill said.
“It has also introduced a number of investors to the share register who are aligned to this growth strategy and capable of continuing to support the business into the future.”
Shares in Zimi were down 11.1 per cent on the market and were trading at 1.6 cents at 11:26 am AEST.