Cipherpoint Ltd (ASX:CPT) has successfully raised $750,000 in a share placement, gaining funding to enable a ramp-up of commercial project deliveries.
The company received applications for 150 million shares at $0.005 per share from sophisticated and professional investors, many of whom are existing top shareholders in the company.
In addition to the placement, CPT intends to grant participants options to be issued on a 1:2 basis (one option for every two shares subscribed for under the placement) for 75 million share options in total, with a strike price of $0.01 and a term expiring September 5, 2026.
Placement delivers funding resources
“This capital raise will deliver funds to the group’s businesses to enable us to ramp up resources on the delivery of a number of key commercial projects,” Cipherpoint CEO Bryan Saba said.
“I am pleased with the support received by our existing top investors and look forward to providing further updates on our turn-around journey as we continue to execute on a strategy of cost focus and commercial growth.”
The company says it will use the funds raised from this placement to bolster the group’s ramping-up of commercial activities, following a number of key customer wins such as Lend Lease Retirement Living and Healius.
Read more: Cipherpoint subsidiary signs $1.7 million services agreement with Lend Lease Retirement Living