iSignthis Ltd (Company) (ASX:ISX) is pleased to announce that is has successfully completed a $10.45 million capital raising (Placement) at an issue price of 40 cents per share.
The Company will issue approximately 26.13 million fully paid ordinary shares under the Placement to institutional investors. The Placement was strongly supported and saw the introduction of a number of new institutional investors to the Company’s register.
John Karantzis, Managing Director of iSignthis commented: “We are pleased with the strong level of support shown by both existing and new institutional shareholders. The funding will enable iSignthis to accelerate growth, and further leverage our market advantage as a superior product with only limited competition. We will shortly expand our sales effort in further markets, with a particular emphasis on acquiring new customers where our service assists those prospective customers to grow and save costs by substituting their manual KYC processes with a fully digital, automated, global and scaleable identity service.”
iSignthis will use the funds raised through the Placement to:
- Further invest in marketing the iSignthis service and brand
- Expand our sales team in the US, Latin America, Asia Pacific and Europe
- Consider a future strategic prudential opportunity to invest in a European eMoney License option (noting that currently iSignthis does not have prudential requirements)
- Provide general working capital funding while iSignthis continues to increase its sales pipeline
The Placement shares will be issued under the Company’s available capacity under ASX Listing Rule 7.1. The shares are expected to be quoted for trade on Monday 9 November 2015.
Canaccord Genuity (Australia) Limited acted as Sole Lead Manager to the Placement.
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