archTIS Ltd (ASX:AR9) has raised $590,750 from a share purchase plan (SPP), which follows a $1.65 million placement completed in May with funds to continue driving pipeline growth and execution of sales of the Kojensi Platform.
Around 10.7 million new shares are expected to be issued at a price of 5.5 cents per share by Monday, June 15, 2020.
Chief executive officer Daniel Lai said: “We are delighted with the support shown by our existing shareholders.
“Following the successful placement of $1,650,000 we wanted to ensure that all our existing shareholders that had not participated in the placement had the opportunity to invest via the SPP.
“The strong demand shown by our shareholders in the SPP reaffirms the confidence our investors have in our business, our products, and our strategy.”
Accelerating commercialisation strategy
The funds will assist archTIS to accelerate its commercialisation strategy and increase the uptake of its Kojensi Platform for secure classified information sharing.
Lai said: “This successful capital raising provides archTIS a strong cash position moving forward and allows us to get on with executing our strategy.
“We look forward to continuing to deliver value for our shareholders through executing on our strong pipeline.”
In addition to pursuing growth initiatives in the government market, this funding will accelerate targeting commercial Kojensi clients in the Defence Industry, Education and Space sectors.
This closely follows the company’s first contract in the Education and Space sector with Curtin University demonstrating Kojensi’s diverse market sector application.