Linius Technologies (ASX:LNU) - CEO, Chris Richardson
CEO, Chris Richardson
Source: Chris Richardson/Twitter
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  • Linius Technologies (LNU) has received firm commitments from professional and sophisticated investors for a $1.7 million placement
  • More that 154 million shares will be issued at a price of $0.011 per share
  • Of the $1.7 million, approximately $250,000 will come from Directors, however, this is subject to shareholder approval
  • Money raised will be used to drive revenue growth and convert existing opportunities to an immediate revenue
  • Linius also believes that it has the technology in place to deliver recurring revenue growth, however, it is continuing to reduce monthly revenue as a precaution
  • Linius is up 7.14 per cent in mid-morning trade and shares are selling for 1.5 cents each

Linius Technologies (LNU) has received firm commitments from professional and sophisticated investors for a $1.7 million placement.

Of this total, approximately $250,000 will come from Directors, however this is subject to shareholder approval which will be sought after at the upcoming General Meeting.

Approximately 154,545,450 fully paid ordinary shares will be issued at a price of $0.011 per share which represents a 20 per cent discount to the 30-day volume weighted average price (VWAP).

Linius expects the placement to settle on or around May 4.

Money raised from this placement will be used to drive revenue growth, and covert existing opportunities to an immediate revenue.

Due to the current working and social conditions, Linius believes that its recent partnership with LiveTile (LVT) is an important step in keeping the company afloat.

This partnership sees both companies working together to create an intelligent workplace solution that allows users to automatically collect videos with content that was discussed in previous meetings.

Once the user has the video they will be able to obtain a brief summary of the meeting, search for a specific topic that was discussed, and have the topics summarised in a “user-friendly” way.

This data can then be sent to staff in a personalised video that provides a detailed analysis of what was discussed.

Both Linius and LiveTiles hope that this software will increase employee efficiency, productivity and engagement to multiple organisations across the globe.

Linius also believes that it has the technology in place to deliver recurring revenue growth, however, it is continuing to reduce monthly revenue as a precaution.

Linius is up 7.14 per cent in mid-morning trade and shares are selling for 1.5 cents each at 11:34 am AEST.

LNU by the numbers
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