In a strategic move to bolster its working capital, RemSense Technologies Ltd (ASX:REM) has attracted an important investment through a share placement to professional and sophisticated investors.
The placement, managed by Liquidity Technology Pty Ltd, raised A$292,930 before costs, with shares priced at 4 cents each.
The issuance will total 7,373,250 shares, alongside an equal number of options, exercisable at A$0.04 within a three-year term.
Complementing this influx of capital, the company has also procured a loan of A$198,080 from Radium Capital.
This loan represents an 80% advance on the company's projected research and development (R&D) claim for the financial year 2023 and is secured against the expected rebate from the Australian Taxation Office (ATO).
The funds raised from the placement and the receipt of the loan from Radium Capital will provide working capital to supplement existing cash to support the company strategy of growing sales from its virtualplant technology.
What is virtualplant technology?
Virtualplant is an asset visualisation platform that empowers users to remotely step into their physical assets, at any time.
Virtualplant is a high-resolution, visual twin of assets that can link to existing enterprise management systems as well as corporate and operational technology platforms.
Providing visual ways of working in one common platform, being accessible anytime, anywhere, on any device – virtualplant simplifies collaboration across teams, contractors and partners.