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WhiteHawk raises funds to facilitate expansion
2 minute read
WhiteHawk Ltd (ASX:WHK) is undertaking a non-renounceable entitlement offer to raise up to approximately A$1.6 million (before costs) to assist in funding its growth initiatives, as well as supporting and expanding various product lines.
Management is looking to grow the business through low cost high impact sales channels.
The injection of funds will also assist the company in supporting and expanding the 360 Cyber Risk Framework product lines and the Cybercrime Support Network 211 Hotline which is scheduled for launch in mid-October, including other customer facing partnerships that drive SME business customers in need to the Online Cybersecurity Exchange at scale.
Under the Entitlements Issue, eligible shareholders will be able to subscribe for one new share for every existing two shares they hold as at 20 September 2018 (‘new shares’) together with one free attaching unlisted two year option exercisable at 10 cents for every two ‘new shares’ subscribed.
The price of new shares under the offer is 4.5 cents.
At the same time, it’s worth noting that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
Expanding US presence
This tops off a busy month for WhiteHawk, the first global online cyber security exchange enabling small to medium businesses to take appropriate action against cybercrime and fraud.
The company recently advised that it had a strong pipeline of contract opportunities in the US for its 360 Cyber Risk Framework Review, including the US Government.
The company currently has existing contracts with the US Government and major financial institutions, and it is building on those existing engagements with further 360 Cyber Risk Framework Review proof of value contracts.
WhiteHawk Cyber Risk Frameworks all provide these insights and services in real time to customers, ensuring that their supply chain companies have foundational cyber security products and services in place that can prevent and mitigate cybercrime and fraud events which result from one of their supply chain companies.