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.
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