The Market Herald: Simble Solutions (ASX:SIS) has received commitments to raise up to $1M
- Simble Solutions (SIS) has received commitments to raise up to $1 million via a two-tranche placement to professional and sophisticated investors
- Funds raised will primarily be used to further the company’s growth in the UK and Australia….and will also support the continued rollout of the SimbleHome app into 2021
- Under the first tranche of the placement, 36 million shares will be issued at 2.3 cents, raising $838,000…
- Simble directors and the CEO have agreed to subscribe for 7 million shares, worth 162 thousand $, however this second tranche of the placement is subject to shareholder approval
- The company will also issue one option for every two new shares… exercisable at 5 cents before the end of 2022
- Additionally, Kim Clark has been appointed as company secretary, replacing Hasaka Martin
- Shares in Simble Solutions closed a staggering 35.71 per cent higher, worth 3.8 cents
Technology company Simble Solutions (SIS) has received commitments to raise $1 million via a two-tranche placement to professional and sophisticated investors.
Funds raised will be used for the rollout of the SimbleHome app next year and growth opportunities in Australia and the UK. The raise will also support repayments of liabilities and strengthen its balance sheet.
Tranche one of the raise will see 36.45 million shares issued at 2.3 cents, raising $838,000.
In tranche two, up to 7 million shares will be offered to raise the rest of the funds at the same issue price. Directors of Simble have agreed to subscribe for the total $162,000. However, tranche two is subject to shareholder approval at a general meeting next month.
For every two shares, one free attaching option will be available, with the exercise prices of five cents expiring 2 years from December 31.
Simble Solutions CEO Ronen Ghosh said he’s pleased with the strong investor support for the company’s strategy.
“We have seen momentum build over recent months and with our costs under control. The placement will provide critical working capital to propel the growth of the company,” he said.
Simble has also announced the appointment of Kim Clark as the company’s secretary. Ms Clark is an employee of BoardRoom and succeeds Hasaka Martin after his departure.
Shares in Simble Solutions closed a staggering 35.71 per cent higher, worth 3.8 cents.