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ZIMI LIMITED — Capital/Financing Update 2020
Dec 10, 2020
66122_rns_2020-12-10_cab95d4e-8676-4535-8f78-4dfd1377f0bc.pdf
Capital/Financing Update
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GSM Innovations acquisition and capital raise complete
ASX RELEASE
11 December 2020
Highlights
• $4m capital raise and acquisition of GSM-I completed
On 1 October, 2020 Quantify Technology Holdings Limited (ASX:QFY) (“Quantify Technology”, the “Company”) announced it had entered into a Binding Terms Sheet for the acquisition of 100% of the share capital of GSM Innovations Pty Ltd (“GSM-I”), a wholly owned subsidiary of Gerard Private Holdings (Finance) Pty Ltd[1] . At the same time, it announced a share consolidation and $4m capital raise led by PAC Partners Securities Pty Ltd (“PAC”).
The Company is delighted to announce the acquisition of GSM-I and the capital raise completed on 11 December 2020. The Company now has 600,685,535 shares on issue, following the 25:2 consolidation, acquisition and capital raise.
Simon Gerard and Jordan Tentori have been appointed as Directors of the Company.
Beacon Lighting Group Ltd (“BLX”) is a distributor of the GSM-I products and has invested in the capital raise. Perennial Value Management Ltd has also invested in the capital raise and becomes a substantial shareholder along with Gerard Private Holdings (Finance) Pty Ltd.
Brett Savill, CEO of Quantify Technology comments: ‘ We are excited to have the funding and partners in place to help the devices reach their full potential. This capital raise will help us accelerate growth across all our channels. I am also delighted to welcome Simon Gerard and Jordan Tentori to the board, along with the new employees. The acquisition of GSM-I is a real case of one plus one making three .’
This release has been authorised by the board.
-ENDS-
Further Information:
For other enquiries Brett Savill E: [email protected] | P: +61 433 932 020
About Quantify Technology
Quantify Technology is an Australian-based company, focused on making lives better in homes, workplaces, and communities with their Internet of Things (IoT) smart home technology.
1 https://wcsecure.weblink.com.au/pdf/QFY/02288590.pdf