Join our daily newsletter At The Bell to receive exclusive market insights
- Info Tech company Kyckr (KYK) raises $6 million through a placement to accelerate growth
- The company issued around 85.9 million shares at four cents each, a 9.1 per cent discount to its recent trading levels
- Additionally, the company will undertake a share purchase plan (SPP) to raise a further $500,000
- KYK says the funds will be used to expand its enterprise sales team and expand its network of strategic partners
- On the market, Kyckr last traded at 4.6 cents per share
Kyckr (KYK) have raised $6 million through a placement to accelerate growth.
The info tech company issued around 85.9 million shares at four cents each, a 9.1 per cent discount to the last trading price of 4.4 cents on August 20.
Major investors included Richard White, Perennial and Regal Funds Management.
Additionally, the company will undertake a share purchase plan (SPP) to raise a further $500,000.
Under the offer, eligible shareholders will be able to purchase up to $300,000 worth of new shares.
Notably, if the SPP is greater than the planned amount, KYK may increase the size of the offer.
KYK plans to use the funds to expand its enterprise sales team and expand its network of strategic partners to accelerate growth and help to reach cashflow break even.
On the market, Kyckr last traded at 4.6 cents per share at 2:59 pm AEST.
