- TYMLEZ Group (TYM) seeks to raise $1.08 million through a private placement
- The software company is focussed on commercialising its proprietary blockchain platform in the green energy and sustainability markets
- New strategic advisor and CEO James Kruger is leading a syndicate of supportive investors
- Funds raised will bolster TYM’s cash balance to $6.6 million, allowing the company to progress its growth and business strategies over two years
- Shares are up a healthy 30.8 per cent, trading at 1.7 cents at 1:43 pm AEST
TYMLEZ Group (TYM) is seeking to raise $1.08 million through a private share placement.
Based in Melbourne, the software company is focussed on commercialising blockchain solutions for the energy and sustainability sectors.
TYM recently received firm and binding commitments from sophisticated and professional investors to participate in the placement, which will see the company issue 108 million shares priced at 0.1 cent each.
It follows the company’s recently completed rights issue and oversubscribed shortfall offer.
Notably, the syndicate of supportive investors is headed up by incoming strategic advisor and CEO James Kruger, effective immediately.
Mr Kruger was previously chairman of Macquarie Innovation Vision Partners GP. He is currently a board member of various high-growth companies, including Canberra’s Quantum Brilliance.
The new executive said he saw real opportunity for organisations that enabled the transition of energy markets.
“TYMLEZ has significant capability in this transition to assist asset owners, fund managers, and all manner of corporates up and down the supply chains,” Mr Kruger said.
The influx of funds generated by the placement will bolster the company’s cash balance to roughly $6.6 million.
The top up is set to provide added strength and flexibility for TYM to progress its growth and business strategies over two years as the company aims to commercialise its proprietary blockchain platform, initially targeting the green energy and sustainability markets.
Shares under the placement will be issued on July 8 and commence trading the following business day.
On Friday, shares in TYMLEZ Group were trading 30.8 per cent higher at 1.7 cents at 1:43 pm AEST.