Australian solar-powered smart security provider Spectur (ASX: SP3) has received firm commitments from investors to raise $1.86 million to fund its expansion and marketing plans.
The fundraising will be carried out through the placement of 51.7 million shares at $0.036 each with knowledgeable and professional investors.
Spectur will also offer a stock purchase plan to eligible investors at the same price per share, to raise a minimum of $500,000 and a maximum of $1.15 million.
The share placement and purchase plan will allow subscribers to receive a free unlisted option attached for two shares subscribed.
Each option will entitle the holder to acquire one Spectur share at an exercise price of $0.066 within two years of issuance.
Proceeds from the fundraising will be used to fund Spectur’s expansion throughout regional Australia and the development of its globalized modular platform.
It will also cover the expansion of the company’s marketing program and the purchase of additional inventory to mitigate supply chain risk and bring the company to break-even EBITDA (earnings before interest, taxes , depreciation and amortization).
Reach Corporate has been appointed Chief Investment Officer.
Spectur is an integrated developer, manufacturer and seller of innovative hardware and disruptive cloud-based software technologies for industries such as government and utilities, as well as the building, construction and civil sector.
The company aims to make remote, unpowered communities safer by providing a proprietary “smart” monitoring solution that can detect problems, make decisions, and take action, all without a wired or electrical internet connection.
Spectur uses solar power and wireless technology to address safety, security, warning, communications and other challenges, leveraging artificial intelligence and the internet of objects.
The company is rolling out its technology in Australia and New Zealand with plans to expand into select US states to capture a market of over $300 million in the near term.