WHL completes $5m RTO raising

WHL Energy has cleared the way to reinvent itself as a technology business after raising $5 million from investors ahead of its reverse takeover of Perth-based Quantify Technology.

The raising, priced at 6 cents per share, was the last remaining condition of WHL’s takeover of Quantify, announced in September.

WHL Energy will be renamed to Quantify Technology Holdings and the company’s ASX ticker code will change from WHN to QFY on relisting.

The raising was led by Westar Capital.

Quantify was founded by Perth entrepreneur Mark Lapins in 2012.

It is primarily a developer of hardware and software devices that enable the monitoring and management of internet enabled devices installed in buildings, such as power and lighting systems.

Its flagship and patented product, the ‘Q Device’, provides real-time evaluation of environmental and risk factors for building occupants, while proactively managing services and utilities.

Funds raised will go toward further research, development and engineering, sales and business development, as well as working capital.

Meanwhile, exploration company Artemis Resources has received commitments to raise $1.4 million through the issue of 19 million shares at 7.5 cents per share.

The funds will go towards fast-tracking its Carlow Castle drilling for cobalt, copper and gold project, gold production at Nickol River, Weerianna Gold Project trenching and follow up drilling, as well as its Silica Hills and Purdy’s Reward exploration.

At close of trade today Artemis Resources shares were up by 8.5 per cent at 9 cents per share.