Adds Cornerstone Investors in $4.8m Placement
Sydney, Aug 13, 2015 AEST (ABN Newswire) - Leading big data solutions company Invigor Group Ltd (
ASX:IVO) ("Invigor") has raised $4.8 million from a placement which brings a range of new institutional and professional investors onto its share register.
- Placement of 56.95 million shares at $0.085 per share to sophisticated and professional investors
- Share register bolstered by new institutional presence
- 41.9 million convertible notes to be converted or redeemed concurrent with placement
- Invigor to increase sales and marketing spend as pipeline of customers continues to build
Invigor will issue 56,952,167 ordinary shares at $0.085 per share utilising the full capacity available under ASX Listing Rules 7.1 and 7.1A. Invigor will use the funds to expand its sales and marketing efforts as it continues the rollout of its three key interconnected big data products.
Concurrent with completion of the placement, 34,180,651 ordinary shares will be issued upon conversion of convertible notes. Conversion is on a 1 for 1 basis. A further 7,730,000 convertible notes will be redeemed using funds raised from the placement ($773,000).
Placement funds are expected to be received on 19 August 2015. Invigor will seek quotation for the new shares to be issued. The expected quotation date is Thursday 20 August 2015.
Invigor's Managing Director Mr Gary Munitz said: "It is an opportune time to build upon the demand from both businesses and consumers seeking intelligent big data solutions that improve commercial outcomes. We have achieved major advances across our suite of products and mapped out a clear strategy moving forward."
Invigor's Executive Chairman Mr Gary Cohen said: "In addition to recently announced new clients our pipeline of potential new customers continues to grow. We expect the funds raised from the placement to provide a strong platform to grow revenues and create value for all shareholders. We welcome the new shareholders and thank all participants in the placement for their support."
Invigor uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers. Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money. Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
Foster Stockbroking Pty Ltd acted as sole lead manager for the placement.
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
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