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Linius Technologies gleans strong support for $1.7 million placement to drive revenue growth

The company is revolutionising the way organisations and individuals produce, deliver and consume video, enabling previously impossible hyper-personalised video experiences.

Linius Technologies Ltd - Linius Technologies receives firm commitments to raise $1.7 million to drive revenue growth
Linius has invented the Video Virtualisation Engine ™ available on Amazon Web Services, Microsoft Azure and IBM Cloud

Linius Technologies Ltd (ASX:LNU) has received firm commitments from professional and sophisticated investors to raise $1.7 million before costs.

The placement includes an investment from Linius directors of around $250,000, subject to shareholder approval which will be sought at a general meeting of shareholders shortly.

Strong support was received from new investors as well as existing shareholders and Linius will use the proceeds to drive revenue growth.

More than 154.54 million shares

The placement will result in the issue of more than 154.54 million shares at 1.1 cents per share.

It will be conducted within the company’s placement capacity for 131.81 million shares and under LR 10.11 for 22.72 million shares in respect of shares subscribed for by directors.

The issue price represents a discount of 20% to the 30-day VWAP and the placement is scheduled to settle on May 4, 2020.

Blue Ocean Equities Pty Limited (AFSL 412765) acted as lead manager for the placement.

Focused on converting clients

Linius is focused on converting existing clients and near-term opportunities to immediate and sustainable revenues.

In the current economic and social conditions, the recent LiveTiles win is an important factor.

Video conferencing has become a critical requirement, enabling working from home and Business Continuity Planning (BCP) strategies.

Assisting LiveTiles in selling their Intelligent Meeting Solution, of which Linius is the backbone OEM provider, represents a significant opportunity for Linius, as does the broader video conferencing industry.

Linius believes it has the technology suite in place, with the IP protected by granted patents, to deliver recurring revenue growth.

At the same time, it is focused on the execution of its go-to-market strategy, where it has continued to reduce monthly expenditure.

Quick facts: Linius Technologies Ltd

Price: 0.017 AUD

ASX:LNU
Market: ASX
Market Cap: $22.28 m
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Linius Technologies agrees deal with LiveTiles to create enhanced video...

Linius Technologies Ltd's (ASX:LNU) Chris Richardson and LiveTiles Ltd's (ASX:LVT) Karl Redenbach speak to Proactive's Andrew Scott soon after the two signed a deal to deliver an enhanced video meeting solution. The partnership will see the development of a LiveTiles powered user interface...

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