Pointerra to raise $2.5m

05/11/2019 - 10:34

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Subiaco-based Pointerra has announced commitments to raise $2.5 million through a share placement, primarily to fund the recruitment of further employees and technical resources.

Pointerra to raise $2.5m

Subiaco-based Pointerra has announced commitments to raise $2.5 million through a share placement, primarily to fund the recruitment of further employees and technical resources.

The company, which is focused on the commercialization of 3D geospatial data, said it would pursue an accelerated sales and product development strategy on the back of customer growth in 2019, coupled with the underlying size of its sales pipeline in Australia and the US.

Under the placement, Pointerra will issue 50 million shares at 5 cents per share, with Canary Capital acting as lead manager.

Pointerra said the price represented a 10.7 per cent discount to the 15-day volume weighted average price and a 12.3 per cent discount to the last closing price.

In May, the company entered into a licensing agreement with Wesfarmers startup Decipher for the use of its 3D data technology.

Pointerra said the deal would generate around $US5,000 a month for the company.

Shares in Pointerra were down 1.75 per cent to trade at 5.6 cents per share, as at 12:20pm AEDT.

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