Swift $3.3 million entitlement closes 71% subscribed

• Swift raises $2.3 million via an Entitlement Offer partially underwritten to $2.0 million
• Funds raised are intended for the development, marketing and inventory costs for Swift Access 2025, and debt reduction
• PURE Loan Facility restructured with updated covenants, reduced principal amount, and extended repayment date

Swift Networks Group Limited (ASX: SW1) has completed a $3.3 million non-renounceable pro-rata entitlement offer, raising $2.3 million before costs. The Entitlement Offer was partially underwritten by PURE Asset Management Pty Ltd for up to $2.0 million, with 200,000,000 shares taken up by the Underwriter. The funds raised will be contributed towards the development, marketing and inventory costs for the next generation of Swift Access, as well as the partial repayment of the PURE Loan Facility. The company also intends to use the funds for further product feature developments and the development of Swift Access 2026, which will introduce a new hardware solution to substantially reduce system installation costs. Additionally, the company has restructured its PURE Loan Facility, reducing the principal amount owing from $7.6 million to $6.2 million, extending the loan repayment date to 31 March 2027, and incorporating new covenants including a minimum maintenance cash balance and a cap on quarterly capex expenditure.

Swift is well-positioned to benefit from significant changes in its core markets of Mining and Aged Care, as Mining moves away from traditional PayTV systems and Aged Care adapts to new funding and compliance regulations. The company's new generation product, Swift Access 2025/26, has been in development for 18 months and will offer enhanced features and lower production and deployment costs, which the company believes will lead to faster growth than has historically been the case.