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Cipherpoint closes strongly supported pro-rata rights issue to raise more than $1.458 million

The company empowers businesses to discover, protect and control sensitive information across multiple platforms and repositories, including industry best security for Microsoft SharePoint.

Cipherpoint Ltd - Cipherpoint closes pro-rata rights issue after receiving applications worth more than $1.4 million
With subscriptions exceeding $1.25 million, the obligations of the underwriter were relieved in full.

Ciphepoint Ltd (ASX:CPT) has closed a strongly supported non-renounceable pro-rata rights issue offer which raised in excess of $1.458 million.

The company received acceptances of entitlements from existing shareholders in respect of 19,092,151 shares and, following the board applying scale-back, applications for shortfall from existing shareholders in respect of 11,299,646 shares have been accepted.

This represents total aggregate accepted applications of 30,391,797 shares.

The rights issue was partially underwritten up to the first $1.25 million by Viriathus Capital Pty Ltd, however, due to subscriptions exceeding $1.25 million the obligations of the underwriter were relieved in full.

Cipherpoint has entered into an agreement with Cumulus Wealth Pty Ltd, a corporate authorised representative of the underwriter, which has committed to subscribe for the balance of the shortfall shares (being 17,979,344 shares, with an aggregate subscription sum of $863,009).

The board would like to express their thanks for the support provided by participants in the rights issue.

Use of funds

The net proceeds of the offer will be used to:

  • Accelerate key strategic priorities;
  • Take advantage of data security market tailwinds;
  • Invest in next-generation technology;
  • To consider appropriate acquisitions; and
  • Strengthen the balance sheet. 

Quick facts: Cipherpoint Ltd

Price: 0.053 AUD

ASX:CPT
Market: ASX
Market Cap: $7.42 m
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