• Xref completes $3.6M placement with HR tech company Tanda
• Tanda CEO Jake Phillpott to join Xref's board as non-executive director
• Xref to offer shareholders Share Purchase Plan at $0.13 per share

Xref Limited (ASX:XF1) has announced the completion of a $3,630,438 placement of 27,926,443 ordinary shares to HR tech company Tanda at $0.13 per share, representing a 4% premium to the last closing price. The placement will strengthen Xref's balance sheet and allow the company to restructure its business to deliver its growth strategy in a sustainable and profitable way. As part of the placement, Tanda CEO Jake Phillpott will join Xref's board as a non-executive director, bringing experience in scaling a similar SaaS business. Xref will also offer a Share Purchase Plan to existing shareholders, allowing them to invest at the same $0.13 price as the placement, without brokerage or other charges. The SPP aims to raise up to $1 million. The net proceeds from the placement and SPP will be used to reduce Xref's net debt position and provide flexibility to restructure the business for more efficient operations and improved cash flow.

The company sees strong and growing demand for high-quality HR SaaS solutions in Australia and globally, and believes Xref is well-positioned to expand its annual recurring revenue with its strong product in an expanding market.