Tech Mpire raises $2.4m

27/09/2018 - 15:41

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Tech Mpire has announced a $2.4 million capital raising to market its TrafficGuard advertising fraud prevention technology.

Tech Mpire raises $2.4m
Tech Mpire is planning to commercialise its fraud mitigation technology.

Tech Mpire has announced a $2.4 million capital raising to market its TrafficGuard advertising fraud prevention technology.

The raising comprises a non-renounceable pro-rata rights issue at 4.5 cents each, with Patersons Securities fully underwriting the issue.

For every four new shares, subscribing shareholders will receive three listed options with an exercise price of 10 cetns per share, expiring three years from the date of issue.

As part of the underwriting, the company has secured an additional $400,000 from technology investors Mark McConnell of The Citadel Group and Adam Schwab of Lux Group.

The company recently announced its strategy to commercialise proprietary software with an initial focus on TrafficGuard.

“The proposed use of funds raised under the rights issue (net of expenses) will be to bolster TrafficGuard’s marketing and client acquisition efforts, accelerating its global roll out,” Tech Mpire said in a statement to the ASX.

“With a strong pipeline ahead, the company is looking forward to delivering regular updates on client acquisition and revenue generation.”

Tech Mpire recently announced its strategy to commercialise proprietary software with an initial focus on TrafficGuard.

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