GeoOp brings on two Australian investors
New investors will open doors.
Hot Topic
Hawke’s Bay
Workforce management app developer GeoOp [NZX: GEO] has raised $2.4 million in a private placement that brings in two new Australian investors.
The company says the new investors' networks will open doors across the Tasman.
The Auckland-based software company sold 5.11 million shares and 1.7 million warrants at 48c apiece. Among the participants was Australian small-cap investor Ryder Capital, which will take a 9.6% stake in GeoOp, and Kestrel Capital, an Australian venture capital investor that has a stake in New Zealand's TruTest Group.
"The new investors in the placement will provide Geo with patient expansion capital, while broadening and deepening the company's investor base," the company says.
"Geo will also be able to leverage the new investors' market and industry networks where appropriate, to assist Geo achieve its medium and longer-term strategic objectives."
The NZAX-listed shares last traded at 44c, and have gained 19% this year.
In June, GeoOp said it plans to apply to NZX to leave the NZAX and join the stock market's main board, having earlier flagged plans to raise new capital.
The company also plans to raise funds from existing investors through a share purchase plan at the same price.
(BusinessDesk)
BusinessDesk receives funding to help cover the commercialisation of innovation from Callaghan Innovation.
Paul McBeth
Thu, 24 Sep 2015
Thu, 24 Sep 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
GeoOp brings on two Australian investors
51833