Velpic signs NRL club, raises funds

07/06/2016 - 10:41

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Local technology company Velpic has received firm commitments for a $5.8 million capital raising while signing an NRL club as a new customer.

Velpic signs NRL club, raises funds
Velpic chief executive Russell Francis.

Local technology company Velpic has received firm commitments for a $5.8 million capital raising while signing an NRL club as a new customer.

Velpic plans to raise the funds by way of a two-for-five rights issue at 3 cents per share, with lead manager CPS Capital Group to partially underwrite the offer up to $2 million.

 The price of the raising is a 30 per cent discount to Velpic’s 30-day volume weighted average price.

“Funds raised from the rights issue will help the company to accelerate its global expansion plans, maintain its strong customer growth momentum and uphold our competitive advantage in the rapidly growing learning management system market,” chief executive Russell Francis said in a statement.

“The company is poised to significantly expand its international reach following the recent roll-out of Version 3.0 of the eLearning platform, which can now be accessed globally, and the partnership sales channel that enables anyone to sell Velpic anywhere in the world.”

Velpic also announced today it had signed Canterbury League Club, the official club for the Bulldogs Sydney NRL team, as a new customer for its eLearning platform.

Velpic will receive subscription fee revenue from the club for use of the platform.

The value of the deal was not disclosed.

Velpic shares were unchanged at 3.8 cents each at 10:40am.

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