AI assistant
IODM LIMITED — Capital/Financing Update 2018
Dec 20, 2018
65131_rns_2018-12-20_7652c522-cced-4029-8ee5-8545f20d9438.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [88 x 59] intentionally omitted <==
21 December 2018
IODM COMPLETES SHARE PLACEMENT
IODM Ltd (ASX: IOD) ( Company ) today announced the completion of a share placement of 33,333,345 fully paid ordinary shares ( Shares ) to raise $500,000 at 1.5 cents a Share ( Placement ). The placement received strong support from existing shareholders, including that of Directors, alongside new sophisticated private investors who have been interested in the recent growth of IODM’s business. The placement will be completed in 2 tranches. The first tranche of 29,733,345 is expected to settle in full on 27 December 2018 and was made without the need for prior shareholder approval. The Placement of 29,733,345 new shares are being issued under its 15 percent placement capacity (under ASX Listing Rule 7.1). The second tranche of 3,600,00 shares will consist of participation by Directors of the company and will be subject to shareholder approval at an Extraordinary General Meeting to be announced.
The proceeds are to be used in the following manner:
-
Fund an expansion of the architecture due to the increased tender book
-
Fund an increase in the Sales Team
-
Fund an expectant increase in working capital
Managing Director Mark Reilly commented “Due to the increase in demand for the software over the last quarter and the momentum that the business is encountering, the board deemed it prudent to draw on an increase of investor awareness and raise the necessary capital to expand the architecture and capitalise on the sales pipeline ahead of time. We would also like to welcome all the new shareholders to the register and thank them for their committed support.”
--Ends—
Investor inquiries: Mark Reilly Managing Director, IODM 0418 921 993 [email protected]
About IODM
IODM is a debtor management platform that automates the cash collection cycle, driving major process efficiencies, improved cash flow, and less risk. IODM has a host of features including invoice grouping, query account, pay now, credit checks, dashboards and analytics – all on the one platform. Flexible and scalable, IODM easily integrates with virtually any accounting system.
IODM Limited
ABN : 28 102 747 133 ASX Code : IOD
Registered Address: Level 5, 22 Albert Road, South Melbourne, Vic, 3205 Contact Details: 03 8396 5890 Email: [email protected] Website: www.iodm.com.au