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Velpic wraps up rights issue to fund strategic acquisition

Velpic has developed a unique cloud-based Learning Management System.
Velpic wraps up rights issue to fund strategic acquisition
Velpic has further lifted its cash balance

Velpic Ltd (ASX:VPC) has added another $822,000 to its cash balance following the completion of a rights priced at $0.008, with free attaching options on a 2 for 7 basis.

The rights issue followed an oversubscribed placement at the same price which raised $970,000.

The new funds will be used to make a strategic acquisition in NowForce, launch Velpic Security as the exclusive reseller of NowForce in Australia & New Zealand and to integrate the two platforms.

Russell Francis, chief executive officer, commented:

"To have such a strong take-up of our offer demonstrates the confidence that our shareholders have in Velpic and our growth strategy going forward.

"We would like to thank our shareholders for their support of this offer which provides us with the opportunity to accelerate our revenue growth in 2018."

Velpic will combine its online learning platform with NowForce to provide a first-mover solution to new and existing clients of both platforms.

READ: Velpic teams up with NowForce to enter US$220 billion security services sector

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