9 Spokes International (ASX:9SP) has today issued the first tranche of 60.4 million shares from its recently completed two-tranche placement, which raised A$12 million.
The first tranche of shares issued represents $7.85 million with the balance of shares to be issued towards the end of August.
Proceeds from the placement will be used to fund the continued expansion into North America, accelerate product roadmap and grow channel partners.
9 Spokes builds dashboards for its clients, this means it collects all of a business’s data so it is in one place (known as the dashboard) in order to be analysed.
June quarter was big for business development
9 Spokes achieved significant progress in business development throughout the June with the early formalisation of two key banks, Royal Bank of Canada (TSE:RY) and one of New Zealand’s leading banks.
It is expected that these letters of intent (LOIs) will be formalised during the current September quarter.
In addition to RBC and the New Zealand bank, an agreement with Singapore’s OCBC Bank to deliver a proof of concept (POC) was completed as scheduled and successfully delivered to leading executives on July 19.
Mark Estall, CEO, commenting on the June quarter
“The June quarter was the most significant for our company since listing.
“The significant adoption that we are now witnessing is extremely important, as it has successfully demonstrated strong appetite for our business insights dashboard.
“Pleasingly, this adoption has been driven by both our largest channel, Barclays Bank, and our own direct platform.
“We have progressed our business development opportunities considerably, with the successful signing of Letters of Intent (LOI) with RBC and one of the leading banks in New Zealand, as well as a proof of concept with OCBC.
“We are now very much looking forward to delivering continued, repeatable adoption within the SME ecosystem as well as announcing and formalising channel partners, which will lead to an addressable market of SMEs which is a multiple of where we are today.”