Placement achieved, purchase plan in progress – spy-tech Spectur is moving out of the shadows toward breakeven in Aussie expansion
Spectur has completed an initial $1.862 million placement to sophisticated and professional investors and has launched a security purchase plan as part of the expansion.
As the name suggests Spectur (ASX:SP3) is in the Bond-esque business of providing remote-sensing surveillance camera and AI platforms for public and private security, warning, safety and remote communications. Spectur technology is currently found in diverse places ranging from beaches, parks, bushland, construction sites, utilities and facilities without easy access to cabled power or internet.
Spectur deploys AI technology that can process complex scenarios very quickly with a high degree of accuracy, with features including object recognition, people counting and even social distancing assessment.
They’ve just raised $1.862 million at $0.036 per share to finance expansion plans, with firm commitments from investors to subscribe to 51,733,777 fully paid ordinary shares.
In addition to the Placement, SP3 is undertaking a security purchase plan (SPP) at 3.6 cents/ per new share to eligible shareholders to raise a targeted $500k before costs.
The company says it anticipates this next phase of growth will take it through to EBITDA breakeven.
The SPP has capacity to accept over-subscriptions up to $1.15 million at the same issue price as the placement.
Terms of the placement and the SPP Offer will entitle applicants to receive one free-attaching unquoted option for every two shares subscribed, each entitling the holder to acquire one share at an exercise price of 6.6 cents within two years from issue.
The offer price of Shares under the Placement and SPP Offer represents a discount of 31.1% to the volume weighted average price (VWAP) over the five trading days before today’s announcement.
Funds raised under the placement and the SPP offer will be applied by SP3 for:
The company will hold a general meeting in late August to obtain shareholder approvals to issue securities under the placement, SPP offer and shortfall offer.
This article was developed in collaboration with Spectur, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.