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Vonex (ASX:VN8) - Managing Director, Matt Fahey (second from left) - The Market Herald
Managing Director, Matt Fahey (second from left)
Sourced: Business News
  • Australian telecommunications outfit Vonex (VN8) has cashed in after receiving the first tranche of consideration following the sale of its royalty entitlements from the Koolyanobbing Iron Ore Project
  • The company received $1.75 million and is also entitled to an additional $750,000 in royalties, if two more iron ore production milestones are met at the Western Australian project
  • Vonex's cash position has now been strengthened, with a reported $3.5 million cash in the bank, and it'll now continue their marketing drive in collaboration with Qantas Business Rewards
  • Company Managing Director, Matt Fahey, said it was a major milestone for the company, and it puts them in a great position to grow its direct and recently expanded wholesale business organically
  • Vonex was up 4.54 per cent at market close, with shares selling for 11.5 cents each

Australian telecommunications company Vonex (VN8) has cashed in after receiving the first tranche of consideration following the sale of its royalty entitlements from the Koolyanobbing Iron Ore Project.

The company received $1.75 million and is also entitled to an additional $750,000 in royalties, if two more iron ore production milestones are met at the Western Australian project.

It comes after the completion of a C$13.75 million fundraising by the purchaser of the Royalty, SilverStream SEZC, for the purposes of SilverStream listing on the Toronto Stock Exchange.

“This is a milestone event for the Company, disposing of the last non-core asset for cash consideration of up to A$2.5 million. These proceeds put Vonex in a very good position, with the ability now to comfortably fund our organic growth of both our direct and recently expanded wholesale businesses following the completed purchase of 2SG Wholesale. We are thrilled for SilverStream and wish them the best of luck with their endeavours.”

Vonex Managing Director, Matthew Fahey.

The company's cash position has now been strengthened, with a reported $3.5 million cash in the bank, and it'll now continue their marketing drive in collaboration with Qantas Business Rewards.

About Vonex

Vonex is a full service, award-winning telecommunications service provider selling mobile, internet, traditional fixed lines, and hosted PBX and VoIP services, predominately to the small to medium enterprise (SME) customers under the Vonex brand.

The company also provides wholesale customers, such as internet service providers, access to the core Vonex PBX and call termination
services at wholesale rates via a white label model.

Vonex was up 4.54 per cent at market close, with shares selling for 11.5 cents each.


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