The cloud security company’s shares have skyrocketed over 415 percent year-to-date, from AU$0.03 to AU$0.16 as of Tuesday (December 10).
Netlinks (ASX:NET), cloud security company announced that it has raised its share placement to AU$4 million. The company is issuing ordinary shares at a price of AU$0.13 for the development of an IoT lab in Tokyo and its joint venture with iSoftStone in China.
As quoted in the press release:
Funds raised under the Placement will provide working capital for:
a. the Company’s joint venture with iSoftStone in China (with sales to begin by the joint venture company ‘iLinkAll’ in late December 2019); and
b. the establishment and funding of the Company’s IoT Lab in Tokyo
EverBlue Capital Pty Ltd (‘EverBlu’) was lead manager to the Placement. EverBlu will be paid a 6% cash fee on the funds raised by the Company under the Placement and will also be issued 1 fully paid ordinary share in the Company (‘Share’) for every $2 raised under the Placement and 1 option (each having a 3-year term, exercise price at 100% premium to the Share price on date of issue of such options and entitling the holder to receive one Share on exercise of each Option).