- Completion of $1.89 million placement to professional and sophisticated investors
- With deals of up to $7m of recurring contracted revenue signed in the last 6 months, the Placement proceeds will provide working capital to further accelerate the Company’s growth and expansion strategy in the UK
- Managing Director and Chairman to subscribe for $0.2 million in the Placement
- Strongly supported by new and existing investors
- Ben Loiterton appointed as an independent non-executive director, effective immediately
Simble Solutions Limited (Simble) (ASX: SIS) is pleased to announce the Company has received commitments to raise up to $1.89 million via a placement of up to 37.8 million fully paid ordinary shares at $0.05 per share to new and existing professional and sophisticated investors (“Placement”). The Placement will settle in two tranches as follows:
- Tranche 1 – issuing 25.8 million fully paid ordinary shares at $0.05 per share to raise total gross proceeds of $1.29 million. The issue will be made through the issuance of 15.5 million shares under the Company’s 15% capacity pursuant to ASX Listing Rule 7.1 and 10.3 million shares under the 10% capacity pursuant to ASX Listing Rule 7.1A
- Tranche 2 – issuing up to 12 million fully paid ordinary shares at $0.05 to raise total gross proceeds of up to $600,000, subject to shareholder approval at a General Meeting to be held in late August
Settlement of Tranche 1 of the Placement is scheduled to take place on Wednesday 31th July 2019 with allotment and quotation of shares expected to occur on the ASX on Thursday 1st August 2019. The General Meeting of Shareholders to approve Tranche 2 of the Placement is anticipated to be held in late August 2019. Managing Director Fadi Geha and Chairman Phillip Tye have agreed to subscribe for $100,000 each in the Placement which will be subject to shareholder approval in Tranche 2.
Simble CEO Fadi Geha commented on the Placement:
“We have experienced accelerating momentum since the beginning of the calendar year and the raising will provide critical working capital to propel the growth of the Company. Simble expects to use the net funds raised from the offer to convert its ever-strengthening pipeline of opportunities in the UK and drive significant revenue growth in 2020.
“We are delighted by the strong investor support for our growth strategy and we welcome several new high-quality sophisticated shareholders onto our register.”
Appointment of Independent Non-Executive Director
Simble is pleased to announce the appointment of Ben Loiterton as an independent non-executive director with effect from 24 July 2019.
Ben’s career spans over 28 years in investment banking, executive management and entrepreneurial activity. He is an experienced public company director having served on three ASX-listed company boards, most recently Aeeris Limited (ASX: AER), and various private company boards and advisory boards.
Ben has extensive experience with driving commercial strategy, corporate finance, equity capital raising, IPOs and RTOs, mergers & acquisitions, financial structuring, and providing legal and business advice for fast-growth businesses.
Non-Executive Chairman, Philip Tye, commented on the appointment of Ben Loiterton:
“The Board is delighted to have found someone of Ben’s calibre with such vast commercial experience. After a number of years of foundation building and developing our technology, we are excited to bring on board Ben to help guide the Company through its next chapter of growth as we execute on our global expansion strategy.”
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).