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

Lead Manager

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).

Click here to read the full press release.

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