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Waratah Resources Ltd to raise $672,000, switching to technology sector

Published: 10:30 22 Aug 2016 AEST

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Waratah Resources Ltd (ASX:WGO) has received firm commitments to raise $568,000 via a private placement to sophisticated investors at $0.007 per share.

Additionally, the company will seek shareholder approval to raise $104,000 through the issue of shares to directors Sir Warwick Andrew and Neil Herbert at $0.007 each.

The funds will be applied toward general working capital and to continue progress Waratah’s planned change in activities from mining to technology.

The company had recently decided to acquire CSB Engage Pte Ltd, a global customer engagement, mobile and cloud technology solutions provider based in Singapore.

Waratah will acquire 100% of CSB by issuing shares in Waratah valued at $22 million at $0.20 per share.

CSB provides a diverse range of cloud based digital engagement technology solutions to global brands such as Aviva Insurance, Neutrogena and Nestle.

It has recently secured a number of global partnerships to further expand its technology footprint globally. New agreements are expected to be announced with Ogilvy, Saatchi & Saatchi, Global Red, Kounta, and Meza.

Waratah’s shares are currently suspended from the ASX and will remain suspended until it completes due diligence and obtains the requisite approvals, including from shareholders.

 

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