Australia

9Spokes completes A$10 million two-tranche placement to advance platform enhancements

9Spokes International Ltd (ASX:9SP) has completed a A$10 million two-tranche placement which will support the companys focus on continual enhancements of its platform for around two years.

The placement was announced in late August and comprised two tranches.

A first tranche of 166 million fully paid ordinary shares was completed on September 4, raising around A$6 million and a second tranche of around 111.8 million fully paid shares was completed today, raising around A$4 million.

Fully funded for two years

Co-founder and CEO Adrian Grant said: “Were delighted to have closed the A$10 million placement.

“The company is now funded for approximately two years based on current operations.

“This enables us to focus on continual enhancements of our platform, adding new app partners to our ecosystem, and most importantly, to focus on engaging new banking customers through our partnerships with Microsoft, Visa and Fundation, which are progressing in line with expectations.”

Shares higher

Shares have been as much as 10% higher to 3.4 cents intra-day.

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