VMOB Closes $5.0M Placement Over-Subscribed
23 December 2015
VMOB GROUP LIMITED (NZAX: VML)
VMOB CLOSES $5.0M PLACEMENT OVER-SUBSCRIBED
VMob is pleased to announce that the private placement announced at the Company’s Annual Meeting on 11 August 2015 pursuant to NZAX Listing Rule 7.3.5 has now closed.
A total of $5,035,220 has been raised in three tranches and the Directors have decided to accept an over-subscription amount of $35,220 in addition to the $5.0 million targeted for the placement. In total, 14,809,471 new Ordinary Shares have been issued at $0.34 per share to a combination of qualifying New Zealand-based high net worth individuals, institutional investors and one Director of the Company.
In the final closing announced today, 7,608,823 new Ordinary Shares will be issued at $0.34 per share, raising $2,587,000. On 27 October 2015, VMob issued 5,480,059 new Ordinary Shares at $0.34 per share in its first closing of this placement, raising $1,863,221. On 8 December 2015, the Company issued 1,720,589 new Ordinary Shares at $0.34 per share in its second closing of this placement, raising $585,000.
The new capital will be used to fund VMob’s continued offshore expansion and the ongoing development of the Company’s technology platform.
Conditions precedent to moving to the NZX Main Board
As announced to the market on 17 September 2015, NZX has approved VMob migrating is listing to the Main Board subject to the Company satisfying two conditions precedent, namely:
(a) The successful completion of the $5.0 million private placement announced at the Company’s Annual Meeting on 11 August 2015, and;
(b) The Company attaining a market capitalisation of $40 million by no later than 31 March 2016.
VMob has now successfully met the first condition precedent by raising $5,035,220 through the private placement.
The Company’s Directors are delighted that a number of new, high-profile investors have joined the share register, recognising the potential of the Company as it expands internationally and continues to improve its operating performance.
For further information, contact:
Scott Bradley, CEO
+1 (347) 744 3142
Andrew Dalziel, Acting CFO
+64 27 677 7575
VMob has quickly established itself as the global leader in the provision of end-to-end mobile personalisation and real-time, contextual analytics services that enable major retail brands to create highly personalised marketing campaigns to reach customers at exactly the right time and place.
The Company’s sophisticated technology platform integrates with retailers’ own smartphone apps to continuously collect and store real-time data (including movement speed, local weather and nearby events) with users’ lifestyle preferences, buying behaviour and location information to deliver personalised offers not possible with other media, resulting in significantly higher sales conversion rates.
The platform comprises a number of modules designed to acquire and serve customers, nurture them through the sales cycle and then reward them with loyalty inducements to encourage them back into store. These services are delivered using Microsoft’s cloud platform, Azure, through a global network of Microsoft data centres.
Visit www.vmob.com for further information.