Dubber says it has received commitments for the $5 million capital raising placed with institutional and sophisticated investors.
The capital raising will result in the placement of 13,157,895 new fully paid ordinary shares at an issue price of $0.38per new share, and settlement of the placement and issue of 11,842,105 new shares is expected on 3 December.
The placement was supported by existing shareholders and institutional investors, with Morgans Corporate Limited acted as lead manager to the placement.
“We are pleased to receive continual support from existing institutional investors and welcome new participants as we grow a business which has global scale and has validation from some of the world’s largest organisations.
“The company will use the proceeds of the placement to continue its progress regarding growth in the key metrics of user numbers, revenues and network agreements for which it has a receptive market.”
As reported by iTWire last month, Dubber reported record growth in contracts for services with telecommunications service providers in the final quarter of the 2018 financial year.
Releasing its 2018 investor report, Dubber said 19 new service providers had agreed to take the Dubber Platform during the quarter – compared to 38 existing agreements secured over a 30-month period.