Ann: Trading Halt, page-33

The company was looking to raise $10 million through a two tranche placement, with the first tranche snaring $6 million and the second raising the balance.

The offer was priced at 3.6¢ a share, which represented an 18.1 per cent discount to 9Spokes' last close and a 9.5 per cent discount to the five-day VWAP, according to terms sent to funds.
Potential investors were told the fresh equity would go towards growing the amount of SaaS clients using 9Spokes' platform, which aggregates data to help small and medium enterprise business clients track their operations.

Canaccord Genuity was lead manager on the raising and was calling for bids into the placement by 5pm on Wednesday.
The raising comes a month after 9Spokes announced it had entered into a five-year partnership with Visa that would enable Visa to offer the company's platform to its clients and their small business customers.