Transaction service company Spenda Limited is poised for growth, having received firm commitments from a number of shareholders and investors to raise $3.9 million dollars through a placement in a bid to advance strategy and accelerate growth.
Spenda’s placement was supported by both existing shareholders as well as a number of new sophisticated and professional investors, with the Company increasing the total amount of the raise from a minimum of $2.5m to accommodate the strong additional demand from new investors.
The placement sees Spenda issuing 393,333,333 ordinary shares and 196,666,667 options alongside an additional 40,000,000
ordinary shares and 20,000,000 options issued subject to shareholder approval, with capital groups Evolution Capital and Red Leaf Securities acting as Joint Lead Managers.
Alongside the new and existing shareholders, Spenda’s directors Peter Richards, Adrian Floate and Howard Digby will also participate in the placement and back acceleration of the Company’s strategy, with the three directors investing a total of 360 thousand dollars into the Company.
Funding Future Growth
Funds from the placement will be put towards accelerating the growth and strategy of the transaction services business by securing key strategic customers and a strong sales pipeline for its broad range of B2B payment services, digital trading software and integrated solutions.
Alongside providing general working capital, proceeds will go towards funding the first loss capital relating to funds drawn from its debt warehouse facility as well as investing in future product development.
The Company said that the overwhelming support from new and existing shareholders as demonstrated by the place offers further credence to the belief that it is at an inflection point.
“It goes without saying that for the Company to achieve such strong demand in the current economic climate reflects the strong confidence that both new and existing shareholders have in Spenda and its future trajectory,” Managing Director Adrian Floate said.
“The Company is at an inflection point, having completed the groundwork to deliver a fully integrated payments and lending platform to the market. securing key strategic customers, namely Carpet Court and Capricorn Society is a testament to the Company’s technological capabilities, noting that these customers only represent a fraction of the Company’s current sales pipeline.”
SPX’s Australian Stock Exchange-listed share price was trading at 1c today (2:12 pm UTC+ 8 hours).