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IODM LIMITED — Capital/Financing Update 2019
Jul 3, 2019
65131_rns_2019-07-03_80213cc4-ea2e-470d-8736-fd07e8d3684c.pdf
Capital/Financing Update
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4 July 2019
BUSINESS EXPANSION AND SHARE PLACEMENT
IODM Ltd (ASX: IOD) ( Company) is pleased to announce that it is expanding its operations into the United Kingdom. IODM’s software enables businesses to more efficiently collect their receivables and improve cashflow to assist with their working capital management. In addition it provides companies a compliance and governance regime by sweeping their debtors ledger and enables them to collect the necessary data to help their business operate more efficiently. These problems are not just Australian based. IODM have had numerous clients request that we provide their overseas operations with the same service they receive in Australia and the management of IODM has resolved to commence operations in the United Kingdom as it provides a platform to launch not only there but also into Western Europe. IODM will establish a sales operation in London in the same format that it has in Australia. Further, IODM has committed to replicate this format throughout Hong Kong and Asia in the second quarter of Financial Year 2020.
IODM is also pleased to announce the completion of a share placement of 12,252,605 fully paid ordinary shares ( Shares ) to raise $624,883 at 5.1 cents a Share ( Placement ). The placement received strong support from existing shareholders. The Placement is being issued under its 10 percent placement capacity (under ASX Listing Rule 7.1A).
The proceeds are to be used in the following manner:
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Fund an expansion of sales into the United Kingdom
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Fund an expansion of sales into Hong Kong and Asia (Second Quarter FY2020)
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Fund an expectant increase in working capital
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Investor inquiries: Mark Reilly CEO, IODM 0418 921 993 [email protected]
About IODM
IODM is an Australian leading accounts receivable solution that goes beyond chasing debt. Powered by technology, IODM streamlines the AR workflow to drive operational efficiencies and significantly improve cashflow. IODM offers a customisable application that seamlessly works with any accounting and ERP software package.
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