Simble raises $1.1 million through issuance of 22 million ordinary shares at $0.05

Simble Solutions Limited (Simble or the Company) today announced a share placement of 22 million ordinary shares at $0.05 to raise $1.1 million (Placement) through sophisticated investors. Furthermore, the Company announced a change of senior executives and substantial cost saving initiatives.

 

  • Simble raises $1.1 million through issuance of 22 million ordinary shares at $0.05, a 20.5% premium to the 3-day VWAP and 14.2% premium to the 10-day VWAP
  • Company implements cost reduction initiatives that will deliver in excess of $700k in annualised cost savings for CY2020
  • Simble announces changes to its senior executive team, effective immediately
  • The Board of Directors is highly active in tackling the Company’s issues to promote a turnaround with a sharp commercial focus and continues to work through all aspects of a strategic review

 

About Simble Solutions (ASX: SIS)

Simble Solutions (ASX: SIS) is an Australian software company focused on energy management and Internet of Things solutions. The Simble Energy Platform or ‘SimbleSense’ is an integrated hardware and real-time software solution that enables businesses to visualise, control and monetise their energy systems. The Company’s Software as a Service (SaaS) platform has Internet of Things (IoT) capabilities and empowers enterprises and consumers to remotely automate energy savings opportunities to reduce their energy bill. Simble operates in the SME and residental market and targets the distribution of its platform through channel partners. Simble has an international presence with offices in Sydney and Melbourne (Australia), London (UK) and Da Nang (Vietnam).

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