Australian-based remote security monitoring systems and cloud based technology solutions company Spectur Ltd (ASX:SP3) has announced plans to raise $2.88 million to fast track a number of developments.
The company has engaged Alto Capital as lead manager to facilitate a share and placement to raise up to $2,160,000.
The company also proposes to raise up to an additional $684,000 through a Security Purchase Plan (SPP) offer of shares and options and an additional $36,000 through a Funds from the Placement and SPP will be used to fast track the development and commercialisation of the company’s new gas detection, light detection and ranging camera system (LIDAR) and thermal camera technologies, as well as the continued expansion into the new distribution markets of Victoria, Queensland and New South Wales.
Funds will also be allocated towards design and manufacture of trailer mounted rental models, as well as conducting market analysis for potential international expansion.
Gas Spectur says positive research has led to it choosing to fast-track its development and commercialisation plans for these three innovative technologies.
Funds from the Placement and SPP will used to establish project teams to oversee the acceleration of the development and commercialisation of these technologies with a view to potentially commencing commercial sales in early 2018 should development proceed as planned.
The teams will also seek to establish relationships with potential beta testing partners and undertake further market research to identify key areas of demand.
The company will also use funds from the Placement and SPP to initiate investigations into an international expansion strategy to gain first-mover advantage, in particular in relation to its new technologies, including those the subject of its existing patents and its patent applications.
Spectur said it believes that these new technologies have the potential to be the driver of an international expansion, given the cutting-edge technology and their disruptive nature.