• Swift raises $1.6 million via a placement to institutional and sophisticated investors
• Funds to be used for the rollout of Swift TV
• Swift Board, Management, and substantial shareholder Sofoulis Family participated in the placement

Swift Networks Group Limited (ASX: SW1) has announced that it has received firm commitments from investors to subscribe for 118,570,375 fully paid ordinary shares in the Company at $0.0135 each, to raise approximately $1.6 million before costs, by way of a share placement (Placement). The Placement will also entitle applicants to receive one free-attaching unquoted option for every four Shares subscribed, each entitling the holder to acquire one Share at an exercise price of A$0.03 and an expiration date of 2 years from the date of issue. The investors under the Placement are sophisticated and professional investors arranged by the lead manager, Lynx Advisors Pty Ltd. The issue price of $0.0135 per Share represents a 19% discount to the last ASX closing share price and a 23% discount to the volume weighted average price (VWAP) of Shares over the fifteen trading days before this announcement. Swift Board and Management contributed $125,000 to the placement, and the Company's substantial shareholder, the Sofoulis Family, have subscribed for $100,000 under the Placement. Funds raised under the Placement will be applied by the Company to the development of Swift TV and for working capital purposes.