Elsight to raise $2.9m

10/01/2020 - 11:41

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Tech company Elsight has received commitments to raise $2.9 million from a share placement to Hong Kong-based investors, with the proceeds being used to fast-track sales of its flagship communications platform.

Elsight to raise $2.9m
Elsight says the proceeds will be used to fast-track sales of its Halo v.1.1 communications platform.

Tech company Elsight has received commitments to raise $2.9 million from a share placement to Hong Kong-based investors, with the proceeds being used to fast-track sales of its flagship communications platform.

Elsight will issue 9 million shares at 32 cents per share, with Gleneagle Securities acting as lead manager to the placement.

The funds raised will go towards marketing efforts for the recent release of Elsight’s Halo v.1.1 communications platform, with 90 units ready to be distributed to prospective customers for proof-of-concept testing.

Elsight chief executive Nir Gabay said the investment was a positive development for the company.

At the same time, Elsight has appointed experienced director Peter Marks to the board.

Mr Marks, who is serving as a director of several ASX-listed companies including Alterity Therapeutics and Noxopharm, will assume his role as a director at Elsight with immediate effect.

He has over 30 years’ experience in corporate advisory and investment banking and is specialised in capital raising IPOs, cross-border mergers and acquisitions, corporate underwriting and venture capital transactions for companies in Australia, Israel and the US, Elsight said.

Chief executive Mr Gabay commented on the appointment, saying Mr Marks’ vast and diverse experience would be of “enormous value to the company in 2020 and beyond”.

Elsight is headquartered in Israel and registered in Western Australia, with an office in West Perth.

Its shares were up 8.11 per cent at 1:50pm AEDT to trade at 40 cents per share.

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