05/05/2017 - 15:28

Nuheara completes capital raising

05/05/2017 - 15:28

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Perth-founded wearable technology company Nuheara has raised a total of $4.65 million, substantially less than its $7 million target. 

Nuheara completes capital raising
Although Nuheara raised almost $2 million less than its original target Justin Miller says the company is well placed to continue its geographical retail expansion. Photo: Attila Csaszar

Perth-founded wearable technology company Nuheara has raised a total of $4.65 million, substantially less than its $7 million target.

In March, Nuheara announced plans for a $7 million capital raising.

At that time, the company had completed a $4.4 million placement at 8 cents per share, led by Hunter Capital Advisors.

Following the placement, Nuheara offered shareholders a share purchase plan, also at 8 cents per share, to raise up to an additional $2.6 million.

However, shareholders applied for just $247,500 via the company’s share purchase plan.

Despite this, Nuheara chief executive Justin Miller said the company was now well placed to continue its georgraphical retail expansion and further increase sales. 

"With these captial raising initiatives now complete, the company has consolidated its treasury, leaving it well funded as we enter an exciting period of growth following the highly succesful launch of the comapany's first IQbuds product," he said. 

Funds will go toward the ongoing development and promotion of the company’s wireless earbuds, IQbuds, which includes next generation versions.

Nuheara shares closed 5.8 per cent higher today at 7.2 cents per share. 

 

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