Harvest chases $11m

13/12/2021 - 16:08

Bookmark

Save articles for future reference.

Harvest Technology Group is looking to raise $11.1 million to boost working capital, with commitments to the tune of $3 million already received from major shareholders.

Harvest chases $11m
Photo: Harvest Technology Group

Harvest Technology Group is looking to raise $11.1 million to boost working capital, with commitments to the tune of $3 million already received from major shareholders.

The company has launched a one for 10 non-renouncable entitlement offer to raise the funds at 21 cents per share, marking an 8.7 per cent discount on the company’s last closing price.

Institutional and retail investors will have the chance to participate in the offer, which will see around 53 million new Harvest Technology shares hit the market.

Harvest Technology specialises in network optimised remote operations that aim to deliver real-time remote control, communication, automation and monitoring capabilities for the energy, resources, and renewables sectors.

Commitments so far stand at $3 million, comprising the underwritten amount and major shareholder commitments. 

Funds raised are set to progress the second phase of its three-phase strategic plan, which includes increasing customer sales and marketing, collaborator networks, global customer support services and expansion into the UK and Europe. 

In addition, proceeds will also go towards the release of Harvest's enhanced Nodestream software application, which uses embedded software to deliver encrypted video and audio over ultra-low bandwidth satellite point-to-point communications from anywhere in the world to a user’s desktop or laptop computer.

Harvest's group chief executive Paul Guilfoyle said the company had continued to deliver on its strategic plan.

Part of this plan included establishing partnerships with SpeedCast, a global communications and IT services provider and web conferencing company WebEx.

"These partnerships coupled with our strong technology platform, high global technology demand and substantial pipeline underpin our goal to significantly grow revenue through 2022 and beyond."

MA Moelis Australia Advisory is acting as underwriter and sole lead manager to the raise.

Alto Capital is acting as co-manager.

Harvest Technology shares last traded at 23 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options