Spectur launches $1.86m capital raising to fund regional growth

Spectur ASX SP3 capital raising fund regional growth
Spectur will also raise between $500,000 and $1.15 million via a share purchase plan.

Australian solar-powered smart security provider Spectur (ASX: SP3) has received firm commitments from investors to raise $1.86 million to fund its expansion and marketing plans.

The capital raising will be achieved via the placement of 51.7 million shares at $0.036 each to sophisticated and professional investors.

Spectur will also offer a security purchase plan to eligible investors at the same price per share, with a view to raising a minimum $500,000 and maximum $1.15 million.

The placement and security purchase plan will entitle applicants to receive one free attaching unquoted option for every two shares subscribed.

Each option will allow the holder to acquire one Spectur share at an exercise price of $0.066 within two years from issue.

Use of proceeds

Proceeds from the capital raisings will be used to finance Spectur’s expansion across regional Australia and development of its globalised modular platform.

It will also cover expansion of the company’s marketing program and the purchase of additional inventory to mitigate supply chain risk and take the company through to EBITDA (earnings before interest, taxation, depreciation and amortisation) breakeven.

Reach Corporate has been appointed lead manager to the placement.

Cloud-based technology

Spectur is a developer, manufacturer and integrated seller of innovative hardware and disruptive cloud-based software technology to industries such as government and utilities, and the building, construction and civil sector.

The company aims to make remote and unpowered communities safer by providing a proprietary “smart” surveillance solution capable of detecting problems, making decisions and taking action — all without a cabled internet or power connection.

Spectur uses solar power and wireless technology to address safety, security, warning, communications and other challenges, leveraging artificial intelligence and the internet of things.

The company is rolling out its technology across Australia and New Zealand with plans to expand into select US states to capture a near-term $300 million-plus market.

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