Key points
- Raised $1.075 million through share placement at $0.07 per share
- Funds to accelerate direct sales and marketing strategy
- Hiring two senior sales executives to drive SaaS and software sales
Full summary
Orcoda Limited (ASX:ODA) has announced the completion of a share placement to sophisticated and professional investors, raising $1,075,000 at $0.07 per share. The issue price represents a 10% discount to the company's 15-day VWAP prior to the trading halt. The proceeds from the placement will be used to accelerate Orcoda's direct sales and marketing strategy to significantly grow its annual recurring revenue, as well as for general working capital purposes. The company is in the advanced stage of hiring two senior sales executives with deep consulting experience and connections in the resources sector and public sector to drive SaaS sales and sales of Orcoda Workforce Logistics System (OWLS), the company's patented proprietary workforce mobilisation and management software platform. No broker was used for the placement and no commission will be payable.