Funds raised will provide the company with funding for working capital to build its team ahead of further expansion with new business contracts.
Opyl said it appreciated the support by new and existing investors and was pleased to welcome the new investors on to the register.
The placement shares are issued under the company’s current capacity pursuant to ASX Listing Rule 7.1 and 7.1A.
These shares will be issued at 10 cents per share which represents:
- A 23.1% discount to the last closing price of Opyl’s shares on June 17, 2020; and
- A 20.4% discount to the 15-day trading Volume Weighted Average Price (VWAP).
In May, the company signed two new contracts that are expected to increase revenue over the following three quarters.
Opyl also has several active additional proposals in the market as a result of an intensive business development campaign collaborating with huumun.