Special Report: Supply chain integrity tech company Security Matters has raised cash that will accelerate its commercialisation plans.
Security Matters (ASX: SMX) has successfully completed a $5 million placement that will form the financial backbone for the company’s growth strategy.
The offer was oversubscribed and included a mix existing shareholders and new investors. Strong support was received from institutional and sophisticated investors from Australia and overseas.
Led by Security Matters’ corporate advisor PAC Partners, the placement will see 14,700,700 fully paid ordinary shares issued at 34c per share. The company also issued a 1 for 3 attaching option with a three-year expiry, exercisable at 60c.
PAC Partners Managing Director, Craig Stranger, said the raise was particularly encouraging considering the current volatile market conditions.
“The success of this raise shows that, despite volatile markets, there is meaningful capital available for companies with quality industry partners and people, like Security Matters,” he said.
Funds raised will be used to further support the company’s growth strategy and drive commercial acceleration of Security Matters’ ongoing projects including those with BASF, The Perth Mint and its SMX-B joint venture with Peter Yates AM and Leon Kempler AM.
“We are delighted with the support we have received from new and existing investors and the market’s confidence in our ability to scale our commercial operations globally,” said founder and CEO Haggai Alon.
“The funds will be used primarily for commercialising our tech across new and existing targeted verticals. Specifically, we see mass opportunities to apply our existing technology to food security and biosecurity which are rapidly increasing in importance globally following the impact of the coronavirus.”
“We believe our ability to combine supply transparency and blockchain to rapidly mobilise a security strategy will become increasingly vital in a post corona world”
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