Ava Risk Group (ASX: AVA) has successfully raised $1.34 million via a heavily oversubscribed share purchase plan (SPP).
Applications for the SPP significantly greater than the $1.0 million offer target.
The funding will be used to accelerate the execution of the company’s recently announced contract wins, including working capital to support the sale of units, dedicated support resources and infrastructure to respond in accordance with contract requirements and ongoing product development as well as to fund large scale Detect programs.
The SPP complemented the company’s recently announced placement to institutional, professional and sophisticated investors to raise $3.0 million.
Given the strong shareholder support, and to minimise the dilution of shareholders who have been strong supporters of the company, the AVA Board has exercised its discretion under the terms of the SPP to accept all applications received.
“The interest in the SPP demonstrated the strong support from our shareholders and I am delighted that so many took the opportunity to invest. The funding from the SPP provides us the ability to execute on our contract wins and accelerate product development to drive growth. I want to take this opportunity to thank all our shareholders for their continued support,” David Cronin, Chairman of AVA, said.
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and infrastructure. It operates three business segments – Detect, Access and Illumination. The Detect segment manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks. Access is a specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products.
Illumination specialises in the development and manufacture of illuminators, ANPR cameras and perimeter detectors. Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world.