- Security Matters successfully raises $3.1 million via a strongly supported placement to strategic and sophisticated investors at $0.30 per share.
- Proceeds from the placement will be used for the advancement and commercialisation of SMX’s technology
- SMX is trading down 1.52 per cent at 32.5 cents at 1:45 pm AEDT
Security Matters has successfully raised $3.1 million via a strongly supported placement to strategic and sophisticated investors at 30 cents per share.
Proceeds from the placement will be used for a range of environmental, social and governance (ESG) business development initiatives and projects, as well as for general working capital requirements.
The issue of placement shares will not be subject to shareholder approval and the new shares will rank equally with existing ordinary SMX shares on issue.
Founder and CEO Haggai Alon said of the placement: “We are very pleased with the demand we have received; the placement results acknowledge our progress this financial year, including the significant support for the Company’s project pipeline and ESG business developments.”
The successful placement was announced following the company advising the market it had gone into a trading halt on October 5.
SMX was trading down 1.52 per cent at 32.5 cents at 1:45 pm AEDT.