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MACH7 TECHNOLOGIES LIMITED — Capital/Financing Update 2018
Nov 29, 2018
65285_rns_2018-11-29_47c4d29f-a6cd-4f48-b6b8-9cc5e763139b.pdf
Capital/Financing Update
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ASX Announcement 2018
26 February
ASX Announcement
30 November 2018
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Mach7 Completes Capital Raise to Fund Growth
Melbourne, Australia; 30 November 2018: Mach7 Technologies Limited (ASX:M7T), a company specialising in innovative data management solutions for healthcare providers, today announced it has successfully raised $3 million via a private placement.
The over-subscribed placement received strong support from both specialist healthcare and high net worth investors. Australian Ethical, one of Australia’s leading healthcare investors, has participated in the raise. Australian Ethical is Australia’s leading ethical wealth manager, with over $2 billion in funds under management, across superannuation and managed funds.
The proceeds from the capital raise will be applied to resources to accelerate execution of recent contract wins, namely Hospital Authority Hong Kong and Sentara Healthcare, continued investment into PACS and Artificial Intelligence product development, sales and marketing, and general working capital requirements.
Mach7 has raised a total of $3 million (before brokerage fees) at an issue price of 20 cents per share. This price represents a discount of 11% to the closing share price of 22.5 cents on 27 November 2018. As a result of the placement, the company will issue a total of 15 million new ordinary shares which are expected to be allotted on or before 11 December 2018. The placement has been conducted utilising Mach7’s placement capacity, and the Company will issue 13 million shares pursuant to ASX Listing Rule 7.1A and 2 million shares pursuant to ASX Listing Rule 7.1. Taylor Collison was appointed as lead manager for the placement.
Mach7 CEO, Mike Jackman, commented “This placement allows us to accelerate our delivery of new contracts, and importantly, to maximise our sales pipeline opportunities through continued innovation, PACS product development, and additional sales and marketing resources. I wish to thank our existing shareholders for their continued support, and I am delighted to welcome our new shareholders, particularly Australian Ethical, to Mach7.”
About Mach7 Technologies:
Mach7 Technologies (ASX:M7T) develops innovative data management solutions that create a clear and complete view of the patient to inform diagnosis, reduce care delivery delays and costs, and improve patient outcomes. Mach7’s award-winning enterprise imaging platform provides a vendor neutral foundation for unstructured data consolidation and communication to power interoperability and enables healthcare enterprises to build their best-of-breed clinical ecosystems. Mach7’s sophisticated workflow tools, advanced clinical viewing and optimized vendor neutral archiving solutions unlock silos of legacy systems empowering healthcare providers to own, access and share patient data without boundaries. Visit Mach7T.com.
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ASX Announcement
26 February
2018
ASX Announcement
30 November 2018
_______________
For more information, contact :
Jenni Pilcher Global CFO & Company Secretary, Mach7 [email protected]
Andrew Keys Investor Relations, Keys Thomas Associates [email protected]
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