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K2fly banks cash after CEO exercises options

Published: 09:13 10 Mar 2020 AEDT

K2fly Ltd - K2fly banks cash after CEO exercises options
Cash at hand on 31 December was $1.1 million with $1.12 million in receivables

K2fly Ltd (ASX:K2F) has raised $76,047 in cash after 380,237 options were exercised by investors.

Notably, the majority of the options were exercised by CEO and executive director Brian Miller.

Miller exercised $66,047 worth of options resulting in the acquisition of 330,237 shares, which increases his overall holding to 2.55 million shares.

Solid recent December half result

K2fly had a productive six months in the second half of 2019, with revenue increasing 45% from the previous period to $2.653 million.

During the half-year ending December 31, the company invoiced a total of $3.083 million, which represents a 69% increase on the same period of 2018.

K2fly owns and provides two software solutions to the resources industry being  RCubed and Infoscope.

RCubed is a resource and reserve reporting software that supports reporting codes such as JORC, NI43101 and SAMREC across major stock exchanges.

Infoscope allows companies to manage information relating to land access and compliance.

Proactive caught up with the company in late January 2020 for an update.

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