4DS rattles tin for $4m

4DS Memory has tapped investors for $4 million to fund ongoing development of its memory technology.

4DS, which is based in the US but has backing from prominent local investors including Anthony Grist and Rod Jones, raised the funds through the placement of 117.6 million shares at 3.4 cents each.

The price represented a 10.5 per cent discount to its last closing price.

“The placement was significantly oversubscribed and the proceeds raised will be used to fund the company’s ongoing development activities relating to its Interface Switching ReRAM and to achieve key strategic and technical milestones,” 4DS said in a statement.

Chief executive Guido Arnout said the company was pleased to have received overwhelming support from the Australian equity market.

“With the breakthrough development of achieving 40nm cells, announced this week, and, together with the company’s strengthened cash position, 4DS is well placed to achieve its goal of demonstrating commercial viability of our technology for storage class memory as early as 2017,” he said.

Shaw and Partners led the raising.

4DS shares were unchanged at 3.8 cents each at 11:30am.