Aquaint Capital Holdings Limited has closed its prospectus share offer early and oversubscribed, raising the maximum subscription of $6 million.
The company applied to the ASX with the new name of Schrole Group Limited (proposed ticker code of SCL) and is expected to relist in the coming weeks.
Schrole will have an implied market capitalisation of $11.7 million upon relisting, based on the $0.02 per share offer price. Alto Capital is the Lead Manager to the offer and Xcel Capital is Co-Lead.
Schrole provides schools with technology-based recruitment platforms and consulting service solutions that address staffing and recruitment challenges.
Schrole’s three primary products – Schrole Connect, Schrole Cover and Schrole Develop – are currently being used by 207 schools in 32 countries worldwide and are earning annuity income.
The business activities of Schrole include major avenues for business development both internationally and within Australia. These opportunities provide Schrole with scope to further develop a diversified series of multiple revenue streams through its individual business units.
“We are delighted with closing the offer early and receiving such strong investor support during our Australian and Asian roadshow, resulting in an oversubscribed offer,” said Schrole’s founder and managing director Rob Graham.
“Our software sales have improved year-on-year over the past three years despite having limited cash available and while further developing our products. With a strong cash balance we are excited and focused on marketing Schrole’s products to drive revenues higher worldwide.”