Applabs Technologies (ASX:ALA) has valued its strategic investment in Cirrus Networks (ASX:CNW), formerly Liberty Resources, at more than $400,000.
This follows Cirrus raising the maximum $5 million under its recent prospectus and highlights the worth of Applabs’ strategic investment arm.
Cirrus will hit the ASX boards at 10am tomorrow, Wednesday 8th July 2015.
Applabs has 13,397,131 shares worth a total of $401,913 at the prospectus price of $0.03. It had previously valued its stake in Liberty at about $360,000.
International and domestic institutions will form part of Cirrus shareholder register.
Since October 2014, Applabs has been assisting Liberty and Cirrus Networks to work towards a listing on the ASX to capitalise on, and create further potential growth of the company’s strategic investment in Cirrus.
Cirrus expects significant growth to continue with strong sales pipeline and expansion into new industries.
It recently secured three major contracts totalling approximately $4.6 million which will support its expansion into new target industries.
Last month, Applabs executed a binding term sheet to sell part of its Fee for Service division to Dapper Apps Pty Ltd.
This would allow the company to continue its core focus of maturing its strategic investments.
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