Managed wifi service provider Tomizone Ltd (ASX:TOM) received applications from new strategic investors and existing shareholders to fully subscribe the company’s $4.2 million capital raise.
The $4.2 million capital raise comprises of convertible notes, conditional loan notes and non-converting loan notes.
Tomizone is in the process of transitioning from a managed WiFi services company into an IoT (Internet of Things) software company.
A key milestone in Tomizone’s transition is marked by its technology partnership with Purple Wifi to capitalise on IoT technologies and harness the power of big data to engage consumers, increase loyalty, and boost revenue from venues offering wifi services.
Tomizone is also executing a financial and operational restructuring plan as part of the capital raising, to achieve lower debt and operating costs, including the refinancing of Tomizone’s $1.7 million core debt.
Tomizone’s capital raising efforts have garnered support from existing shareholders, founders, senior management, and board members, along with new strategic investors.
The Auckland-based Tomizone listed on the ASX in May 2015 after raising $5 million.
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