Smart Parking taps market for $11m

23/11/2016 - 11:52

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Perth-based technology company Smart Parking has announced plans to raise up to $10.9 million from investors to fund enhancements to its products, as well as sales and marketing work.

Smart Parking taps market for $11m

Perth-based technology company Smart Parking has announced plans to raise up to $10.9 million from investors to fund enhancements to its products, as well as sales and marketing work.

Smart Parking offers design, development and management of parking technology to businesses and public authorities that supply car parking facilities.

The company plans to raise $2.5 million through the placement of 12.5 million shares to professional and sophisticated investors at 20 cents each, plus a further $8.4 million by way of a one-for-seven entitlement offer at the same price.

The price represents at 25.9 per cent discount to Smart Parking’s last closing price.

“The company intends to use the proceeds from the placement and entitlement offer to fund capital expenditure, sales, marketing, technology enhancements and working capital requirements,” it said in a statement.

The offer has been fully underwritten by Baillieu Holst.

Shares in Smart Parking were unchanged at 27 cents each at 11:45am.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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