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Emerchants Ltd Completes $7.5 Million Capital Raising


Sunday, 25 Aug 2013 08:37pm EDT 

Emerchants Ltd announced the completion of a $7.5 million placement to institutional and sophisticated investors of 22.7 million new shares at $0.33 per share (Placement). The Directors intend to utilise the proceeds from the Placement to fund: IT capital expenditure – expanding network capacity and bandwidth to meet growing cardholder and transaction volumes; · Sales and marketing – business development hires to build a presence in New South Wales and Western Australia and provide additional capacity in the Queensland core market; marketing program to build brand and public awareness; investment in search engine optimisation to drive website traffic; engage lobbyists to build awareness with government agencies; Product development – IT investment to enable emerchants to perform additional fee-generating functions; offer additional product features; fund legal and set-up costs in preparation for new market entry; development of mobile device applications; Internal audit – enhance the internal audit function to exceed contractual probity requirements and meet world’s best practice financial controls and processes; Working capital – emerchants continues to expend working capital in excess of revenues - provide additional balance sheet capacity and strength in support of larger sales opportunities; and Offer costs. 

Company Quote

0.59
-0.02 -3.28%
30 Jan 2015