9 Spokes raises $4 million to support growth of company

9 Spokes International Ltd (ASX:9SP) has raised $4 million in a placement that was well supported by sophisticated and professional investors, including a number of new key institutional investors.

Funds raised will be used to accelerate the growth of new channel partners worldwide, accelerate product, software and infrastructure development, and provide 9SP with additional working capital.

The company will issue a total of 266.7 million new ordinary shares at an issue price of 1.5 cents per share.

9 Spokes chief executive Adrian Grant said: “Our new V2 platform is now launched and we are well-positioned to deepen existing partnerships to further grow ARR.

“The visibility we have on that pipeline, if successfully executed, gives me confidence that we can further enhance our capabilities to achieve scale and profitability in the near term.”

Two tranches

The placement will be completed in two tranches, with tranche one consisting of around 233.3 million shares to be issued within the companys placement capacity under ASX listing rule 7.1 and 7.1A.

Tranche two will consist of around 33.3 million shares to be issued subject to shareholder approval at a general meeting of shareholders to be held as soon as practicable.

Indicative timetable

Settlement of tranche one placement shares is expected on January 29 with allotment of the tranche one placement shares expected to follow on January 31.

The meeting for approval of issue of the tranche two placement shares is anticipated to be helRead More – Source