Nearmap Ltd (ASX:NEA) (Nearmap or Company) is pleased to announce that it has successfully completed a $20 million capital raising. The capital raising will result in the placement of 28,571,429 new fully paid ordinary shares in the Company (New Shares) to sophisticated, professional and institutional investors in Australia and selected overseas jurisdictions at an issue price of $0.70 per New Share (Placement). The Placement was conducted utilising the Company's available placement capacity pursuant to ASX Listing Rule 7.1.
The funds raised by the Company under the Placement will be used to expand Nearmap's sales and marketing capability and its capture program, to develop HyperCamera2 units for oblique imagery capture, to provide additional working capital and to pay the costs associated with undertaking the Placement.
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