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Flexiroam (ASX:FRX) - CEO & Managing Director, Jefrey Ong - The Market Herald
CEO & Managing Director, Jefrey Ong
Source: Tech in Asia
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  • A day after entering a trading halt, Flexiroam (FRX) has received firm commitments to raise $2 million via a share placement
  • The telecommunications provider will issue roughly 86 million shares to sophisticated and institutional investors at 2.3 cents
  • Flexiroam will use the money to commercialise and accelerate its internet of things (IoT) solution platform and to invest in areas of technology
  • On completion of the placement, the company will have roughly $3 million in cash reserves and more than 496 million shares on issue
  • Flexiroam is currently down 10.3 per cent on the market with shares trading for 2.6 cents each

Flexiroam (FRX) has received firm commitments to raise $2 million via a share placement.

The telecommunications provider entered a trading halt only yesterday, but did not disclose how much it wanted to raise or what it will use the funds for.

Roughly 86 million fully-paid ordinary shares will be issued to sophisticated and institutional investors at 2.3 cents.

This price represents a 21 per cent discount to the 15-day volume-weighted average price of 2.9 cents.

Flexiroam will use the money to commercialise and accelerate its internet of things (IoT) solution platform, to invest in areas of technology, and support its future.

"We are delighted to see the market responding so strongly to our capital raising," CEO and Managing Director Jefrey Ong said.

"This placement is significant as the company will now have more resources to accelerate the development and commercialisation of Flexiroam Solutions, particularly in the area of cellular connectivity technology for payment service providers within Asia," he added.

On completion of the placement, Flexiroam will have roughly $3 million in cash reserves and 496,334,500 fully-paid shares on issue.

Flexiroam is down 10.3 per cent on the market with shares trading for 2.6 cents each at 11:17 am AEDT.

FRX by the numbers
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