IOT Group Ltd (ASX:IOT) will soon launch the ROAM-e flying selfie camera after completing a large $11.975 million private share placement to professional and sophisticated investors.
The company will issue 171,074,680 ordinary shares at $0.07 each.
The ROAM-e drone is the brainchild of 27-year-old Australian entrepreneur Simon Kantor and is claimed to be the world’s first flying selfie camera.
The new funds will be used to gear up production of the ROAM-e, with early production units expected to be ready by August.
The production will be ramped up to 50,000 per week to meet demand in Australia, Japan and the U.S. The company has already received more than 250,000 pre-orders for the ROAM-e.
The new capital raising will also fund the development and demerger of IOT Group’s Intervision and OTT businesses into a new company which it intends to list on the ASX.
In terms of market size a large number of people are always on the lookout for a selfie camera opportunity, providing an opportunity for the ROAM-e.
The company is also developing smart watches, augmented reality, home automation and other consumer technology products.
IOT Group became the first listed Internet of Things company to trade on the ASX this year following the successful reverse takeover of Ardent Resources Ltd.
Source:http://www.*.com.au/companies/news/...aises-12m-for-flying-selfie-camera-69650.html
Ann: IOT Group completes $11.975M capital raising-IOT.AX, page-104
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