Australian technology company, Panorama Synergy Limited (ASX:PSY) is pleased to announce that the Company has secured $1.19 million of funding through the issue of convertible notes to sophisticated investors. The proceeds of the issue will be used for working capital. The amount raised is the maximum allowed under ASX listing rule 7.1 (15% of the issued capital).
The maturity date for the Convertible Notes will be 12 months from the date of issue. At maturity the notes will be converted to fully paid ordinary shares at the issue price of $0.07 (7 cents per share).
Panorama Synergy’s CEO, Terry Walsh, was delighted with the fundraising.
“There appears to have been significantly more interest in the convertible note issue than we could accommodate under the ASX limit of 15%. This highlights the positive view which investors have in both our business model and future prospects. This bodes well for the success of our planned future raisings which will include a participation opportunity for all shareholders” he said.
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