REFFIND completes $2 million capital raising after appointing new CEO
Sydney-based Software as a Service (SaaS) solutions provider, REFFIND Limited (ASX:RFN), this morning announced that it has successfully raised $2,004,750 in a placement to new and existing investors. RFN plan to use the funds for additional working capital and technology investment.
RFN has a product focus on enterprise to employee solutions including rewards, loyalty and recognition, employee communication and engagement.
Its key WooBoard product offering is aimed at meeting growing enterprise demand to provide employees and potential customers with rewards and recognition to drive loyalty and key behavioural objectives. It has built its growth to date through both organic growth and acquisition.
The company will issue 82,500,000 ordinary shares at 2.43 cents per share. Funds from the placement are expected to be received on 8 December 2017 with an expected quotation date for the new shares of 11 December 2017. The shares were issued as a placement to sophisticated and professional investors as RFN consider that to be the most expedient way to raise funds quickly.
Back in June, RFN offered shareholders an equity participation opportunity, where $118,010 was raised from $400,000 available.
Overall this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
News of the capital raising follows an announcement last week that RFN had appointed a new Chief Executive Officer. Blockchain industry leader Tim Lea accepted the role of CEO, effective 1 December 2017.
Lea brings 20 years of senior executive and corporate leadership experience to RFN with a focus on banking and commercial finance in the UK and Australia with GE Capital, HSBC and Lloyds Bank followed by hands-on experience building web and blockchain based solutions in Australia and key international markets.
Lea is ideally suited to help RFN execute on its strategic growth plan through expansion of its existing enterprise customer base and acceleration of new customer growth through further development of its WooBoard platform, supported by investment in synergistic blockchain based technology.
Lea is also a director of film and digital media based blockchain platform Veredictum which he helped establish using the immutable providence properties of blockchain to help solve the $20 billion film piracy problem, enable video content producers to protect their copyright and to track derivatives of their content as they are uploaded to major video platforms.