Pointerra launches $5m offer

29/04/2016 - 14:55

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A soon-to-be listed tech company led by local entrepreneur Rob Newman and company director Ian Olson has lodged its prospectus for a $5 million capital raising, as it proceeds with its reverse takeover of Soil Sub Technologies.

Pointerra launches $5m offer
Pointerra chair Rob Newman (left) and managing director Ian Olson.

A soon-to-be listed tech company led by local entrepreneur Rob Newman and company director Ian Olson has lodged its prospectus for a $5 million capital raising, as it proceeds with its reverse takeover of Soil Sub Technologies.

Pointerra is offering investors up to 166.6 million shares at an issue price of 3 cents each to raise up to $5 million, with RM Corporate Finance underwriting the offer up to $3.6 million.

The acquisition of Pointerra by Soil Sub and subsequent backdoor listing was announced in September last year.

Pointerra has developed an end-to-end data as a service solution for managing, distributing and visualising massive three dimensional point cloud data sets.

The software converts raw point cloud data into a searchable compressed format.

Pointerra is focused on generating early stage revenue from private and public sector organisations who own, operate or manage, process and non-process infrastructure assets and have generated significant amounts of 3D data,” the company said in a statement.

“Immediate target customers include those within the mining, oil and gas processing, power and civil infrastructure sectors.

“The funds raised under the public offer will be used by Pointerra to accelerate further development of the Pointerra DaaS solution.”

Upon completion of the reverse takeover, Soil Sub’s board will resign and be replaced by Mr Newman, Mr Olson, Graham Griffiths and Neville J Bassett.

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