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9 Spokes International Ltd

9 Spokes International raising up to $5.98 million to pursue growth opportunities

The purpose of the placement is to raise additional operating capital for ongoing product development and new business.

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Bank of New Zealand recently went live with 9 Spokes’ white-label digital dashboard

9 Spokes International Ltd’s (ASX:9SP) fully underwritten 2 for 3 renounceable pro rata entitlement offer to eligible shareholders closed on Friday, May 17, 2019.

The total of 159,198,946 new shares that comprise the shortfall from the entitlement offer will be issued to Patersons Securities and any sub-underwriters in accordance with the underwriting agreement, to raise a total of about $5.3 million.

Additional placement to sub-underwriters

Due to demand from shareholders and sub-underwriters for the rights issue and shortfall, 9 Spokes has secured a placement of up to 43.5 million shares at an issue price of 1.6 cents to raise up to an additional $696,000, being the limit of the available placement capacity.

These shares will be issued to the sub-underwriters of the entitlement offer.

The purpose of the placement is for 9 Spokes to raise additional operating capital to facilitate ongoing product development and new business.

 

9 Spokes’ third banking partner, Bank of New Zealand Ltd (BNZ), recently went live with the company’s white-label digital business insights dashboard – MyBusiness Live.

The partnership between 9 Spokes and BNZ creates a powerful platform that brings together key business data with BNZ core banking information to give small and medium businesses (SMB) a comprehensive view of their business performance, all in one place.

READ: 9 Spokes shares surge after its platform goes live with Bank of New Zealand

Quick facts: 9 Spokes International Ltd

Price: $0.02

Market: ASX
Market Cap: $16.13 m
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