- Smart home technology company Quantify (QFY) is looking to raise $1.5 million
- The raised funds will be us for securing contracts and product licensing opportunities
- Eligible shareholders will have the opportunity to buy into the company at 0.4 cents per share
- Quantify's share price is up 25 per cent, with shares trading for half a cent each
Smart home technology company Quantify (QFY) is looking to raise $1.5 million to assist with securing contracts and product licensing opportunities.
Eligible shareholders will have the opportunity to buy into the company at 0.4 cents per share.
Through an entitlement issue, one new share will be issued for every four shares held by the record date, January 22, 2020.
Additionally, those who partake in the entitlement issue will receive a free option for each share subscribed for. The options will be valid for two years and exercisable at 0.8 cents each.
Company Chairman Peter Rossdeutscher and CEO Brett Savill detailed to shareholders today they will be participating in the entitlement issue.
"Given the exciting future prospects of the company and the important stage in its development, the Chairman and I will be taking up out entitlement and we encourage other eligible shareholders to carefully read the prospectus to be issued and consider taking up their entitlement too," Brett said.
Funds raised will also be used for research and development, marketing, working capital and general corporate expenditure.
In the release to the Australian market, Brett explained Quantify's smart home products will be featured on a Channel 9 renovation show. This is expected to increase demand for the company's products.
As midday trade approaches, Quantify's share price is up 25 per cent. Shares in the company are now trading for half a cent each.