By Phil Boeyen, ShareChat Business News Editor
|
Tuesday 2nd April 2002 |
Text too small? |
The company says the placement of 12.5 million shares at 8 cents each will take place today and will complement the issue of First Secured Notes by subsidiary Cadmus Developments Limited, which was approved by shareholders at a special meeting last week.
MD Ian Bailey says the money from both capital raisings will be used primarily for product development and funding of product export opportunities.
"Securing this additional funding to serve our rapidly growing base of international customers provides us with the ability to accelerate expansion into target markets within the Asia Pacific region.
"Significantly, merchants, banks and other corporates in the Asia Pacific region are recognising the additional functionality and advanced capabilities our payment solutions provide."
Mr Bailey says specific items include the development of payment terminal housings and marketing costs associated with the company's expanding international sales programme.
Cadmus recently announced a loss of $894,000 for the six months ended December 2001 on sales of $3.5 million.
No comments yet
