Simble Solution’s placement oversubscribed
Simble Solutions Limited (ASX:SIS), an Australian software provider focused on energy management solutions, has taken another step towards the commercialisation of the Simble Energy Platform in Australia and the UK.
SimbleEnergy is an integrated hardware and software solution that enables businesses to visualise, control and monetise their energy systems. The company’s software-as-a-service (SaaS) platform has Internet of Things (IoT) capabilities and allows businesses to remotely automate energy savings opportunities to reduce their energy bill.
To support its growth the company today announced the successful completion of a $2 million oversubscribed placement of 13.3 million ordinary shares to institutional and sophisticated shareholders. The funds raised will be used to accelerate SIS’s growing sales pipeline in Australia and the UK.
The Placement was subscribed at $0.15, 3% or 0.5 cents below the five-day volume weighted average price (VWAP) (until and including 31 July 2018) — a price that’s in line with recent trading.
Overall this remains a speculative stock and as such any investment decision should be made with caution and professional financial advice should be sought.
Encouragingly, the placement attracted strong interest from new and existing institutional and sophisticated investors and was heavily supported by an existing UK investor.
The Company’s CEO, Fadi Geha commented: “The strong support shown by our existing shareholders and the demand from new investors is a testament to our position as the fastest growing energy SaaS company on the ASX.
“The proceeds will enable us to fuel the rapid growth of the company and accelerate the rollout of our disruptive IoT energy management platform in Australia and the UK as we seek to drive mass adoption in the SME and residential markets.”
News of the completed capital raising comes two days after the company released its quarterly report.