ePAT Technologies Ltd is pleased to announce that firm acceptances have been received for the placement of 75,000,000 shares at 5 cents per share to raise $3,750,000 before costs. The new shares will be issued pursuant to the Company’s 15% placement capacity to professional and sophisticated investors. Patersons Securities Limited acted as the lead broker to the issue and the new investors include a family office and an institutional investor.
ePAT’s Managing Director Philip Daffas said “During the past months we have achieved all our key milestones for 2017 ahead of schedule. In addition we have successfully negotiated a global perpetual license for exclusive access to the nViso facial emotion artificial intelligence and a first commercial agreement with Dementia Support Australia.
In doing so, we have also generated strong interest for the ePAT Dementia App within residential aged care and community care in the Australian and UK markets.
This new capital, together with our existing capital, will provide the runway and create the certainty required to accelerate the commercialization of the ePAT Dementia App with these customer groups, in Australia commencing Q4 2017 and in Europe from Q2 2018. This includes fast tracking new recruitment in the area of sales and clinical support.
In addition, this combined capital will support the Dementia App FDA approval process and the development and commercialization of the Kids App during 2018
EPT Price at posting:
6.2¢ Sentiment: Buy Disclosure: Held
