LVT 0.00% 0.6¢ livetiles limited

News: Modun Resources raising $11M for cloud transition

  1. Modun Resources (ASX:MOU) is raising $11 million through a fully underwritten capital raising as part of its acquisition of LiveTiles Holdings Pty Ltd.

    The offer of 73,333,333 shares priced at $0.15 each is underwritten by Blue Ocean Equities.

    Oversubscriptions of up to a further 6,666,667 shares to raise up to a further $1 million may be accepted. This is not underwritten.

    Acquiring LiveTiles, which developed a proprietary software tool that operates together with Microsoft’s cloud collaboration platforms, represents the company’s transition to the cloud sector.

    This tool enables g businesses to rapidly build and deploy modern business solutions including intranets and extranets to their operations.

    Upon completion of the acquisition and re-listing on ASX, the company will have a market capitalisation at the offer issue price of $55.3 million (assuming that no oversubscriptions are accepted).

    The company’s main objectives will then be:

    - Pursue LiveTiles sales and marketing strategy which is focused on increasing penetration with existing customers and pursuing new customers;
    - Grow the LiveTiles direct sales and partner sales team in the short term;
    - Fund the development of LiveTiles’ products and potential other products, services and investments or other third party ventures as determined by the directors from time to time;
    - Investigate the development of potential strategic partnerships with third parties;
    - Meet the ongoing costs of the company and its subsidiaries; and
    - Pay the costs of the matters proposed in the acquisition and the offer.



    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

 
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