3 Fast Facts on Nearmap’s $20 Million Capital Raising

AUSTRALIA – Nearmap Ltd (ASX:NEA) has successfully completed a $20-million capital raising, which will result in the placement of 28,571,429 new fully paid ordinary shares in the company.

Here are three quick facts on Nearmap’s successful completion of $20 million capital raising:

1. The capital raising will result in the placement of 28.6 million new shares.

In a disclosure to the Australian Securities Exchange (ASX), Nearmap said the $20 million capital raising will result in the placement of 28,571,429 new fully paid ordinary shares in the company to sophisticated, professional and institutional investors in Australia and selected overseas jurisdictions at an issue price of $0.70 per new share.

2. The funds raised by Nearmap will be used to expand the company’s sales and marketing capability.

Nearmap said the $20 million capital raising will help fund the expansion of its sales and marketing unit as well as its capture program. The funds raised will also be used to develop HyperCamera2 units of oblique imagery capture.

“The funds raised will also provide additional working capital and pay the costs associated with undertaking the Placement,” the company disclosed.

3. The New Shares are expected to be issued on 29 November.

As per the company’s disclosure, the New Shares under the Placement are expected to be issued on Tuesday, 29 November and will rank pari passu with the company’s existing fully paid ordinary shares on issue as at their date of issue.

The lead manager and underwriter for the placement is Macquarie Capital (Australia).

According to Nearmap CEO Dr Rob Newman, the placement will allow Nearmap to accelerate and support delivery of its key strategic objectives – expanding sales and marketing capability, expanding its capture footprint and delivering higher value oblique and 3D content.

Nearmap (ASX:NEA) is a visual analytics company with a focus on empowering businesses with timely and reliable information on which to make decisions quickly and with confidence. – BusinessNewsAsia.com.

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