Cycliq to raise up to $2m

Perth-based Cycliq has announced plans to raise up to $2 million as the cycling products developer ramps-up its business in the lead up to Christmas.

Cycliq produces electronic safety accessories for cyclists, including safety lights and HD camera devices. 

Under the private placement, the company will issue 285.7 million shares at 0.7 cents each, with CPS Capital Group acting as lead manager.

The placement also includes 142.8 million free attaching unlisted options, which are exercisable at 1.2 cents each for three years from the date of issue.

“The proceeds from the issue of the placement are intended to be used towards stock purchases, increased marketing leading into the online sales and Christmas periods, new product development, as well as for costs of the placement and general working capital,” Cycliq said in a statement to the ASX.

Shares in Cycliq were off 12.5 per cent at 0.7 cents each at 2pm AEDT.