Vigorous investor support sees Security Matters raise another $1.5m
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Special Report: Following on from an oversubscribed $5m raising, Security Matters’ investors have given the company another $1.5m in a top-up funding round.
Security Matters (ASX:SMX) has given institutional investors another chance to invest after strong interest in its recent capital raising led to a $1.5m follow-on round.
The company, which is focused on digitising physical objects on the blockchain to enable a circular and closed loop economy, closed the follow-on placement after receiving strong interest during its oversubscribed $5m placement on March 5, 2020.
“The further interest we have received, in additional to the $5m raise announced two weeks ago, is very encouraging and highlights the Company’s investment appeal and the first fruits of the groundwork completed with PAC Partners,” founder and CEO Haggai Alon said.
“The support received from institutional investors demonstrates how imperative SMX’s technology will be in a post Corona Virus era where supply chain transparency and the ability to validate and certify critical economical services such as food chains, raw materials and chemicals used for medicine as clean and safe is of the highest importance.”
Security Matters will issue 4,411,765 million fully paid ordinary shares at $0.34 per share. A 1 for 3 option at $0.60 will also be issued and, where necessary, following shareholder approval. Security Matters’ corporate advisor PAC Partners Securities acted as lead manager to the placement.
The Company raised $1.5 million before costs, issuing 4,411,765 million fully paid ordinary shares at $0.34 per share A 1 for 3 option at $0.60 will also be issued and where necessary following shareholder approval. The shares and options were issued in accordance with ASX LR 7.1.
The company says the additional capital raised from institutional investors further validates its commercial strengths and the scale of global opportunities for Security Matters’ technology.
The extra cash will provide the company with enhanced financial strength which will enable it to proceed at full pace with its commercialisation strategy.