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IODM LIMITED — Capital/Financing Update 2019
Apr 23, 2019
65131_rns_2019-04-23_f8a66879-e216-4ed7-b379-f345e8906565.pdf
Capital/Financing Update
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24 April 2019
IODM COMPLETES SHARE PLACEMENT
IODM Ltd (ASX: IOD) ( Company ) today announced the completion of a share placement of 14,800,000 fully paid ordinary shares ( Shares ) to raise $414,400 at 2.8 cents a Share ( Placement ). The placement received strong support from existing shareholders alongside new sophisticated private investors who have been interested in the recent growth of IODM’s business. The placement is expected to settle in full on 30 April 2019 and was made without the need for prior shareholder approval. The Placement of 14,800,000 new shares are being issued under its 10 percent placement capacity (under ASX Listing Rule 7.1A), that was approved at the company’s last AGM
The proceeds are to be used in the following manner:
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Fund a further increase in the Sales Team
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Fund an expectant increase in working capital
Managing Director Mark Reilly commented “The demand for the software continues to grow as does the interest from sophisticated private investors, the board deemed it prudent to utilise this increase and raise the necessary capital to further expand the Business Development Teams reach both domestically and overseas. We would also like to welcome all the new shareholders to the register and thank them and the existing stakeholders for their committed support.”
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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