SYDNEY, AUSTRALIA: K2fly Limited (ASX: K2F) has received agency commitments to raise A$6.2m via a strategic and institutional Placement to fund K2fly’s product development and dealing capital necessities to ship continued growth.
The Placement price of A$0.18 per share represents a premium to the 15-day VWAP.
The Placement is being led by strategic investor Maptek who will become a 13.2% shareholder in K2fly. In addition, Maptek’s Chairman, Peter Johnson, will join the K2fly Board as a Non-Executive Director.
Maptek is a global supplier of innovative software, hardware, and services for mining. Founded in Australia forty one years ago, Maptek offers a distinctive mixture of area knowledge, technical expertise, and engineering resources. Maptek is the largest private mining software program groupin the world with annual revenues in extra of A$120m. Maptek dominates the sector globally for mine planning and geological modelling software program in addition to options throughout a large span of the mining worth chain.
Jenny Cutri, Non-Executive Chair of K2fly said, “We are delighted to welcome Maptek as a strategic investor in K2fly and for Maptek’s Chairman Peter Johnson to join K2fly’s Board. The funding by Maptek make it K2fly’s largest investor and represents a significant validation of the K2fly enterprise and growth outlook by the world’s largest privately held mining software program business.
On behalf of K2fly and the Board, we very a lot look ahead to working with Peter and Maptek as we proceed to develop the K2fly business. Peter’s wealth of knowledge in making use of and scaling innovative technological options inside the mining sector into sustainable and worthwhile companies will be invaluable to K2fly. Further, our options are adjoining and there are many alternatives for collaboration.”
Peter Johnson, Chairman of Maptek said, “Maptek is very happy to have the ability to have the chance to become a strategic investor in K2fly. Maptek has a lengthy and worthwhile historical past of enabling the world’s mining industry to enhance their companies by delivering technical options to extend the accuracy, security and effectivity of their mining decisions and operations.
K2fly provides options that are very complementary to that effort, enabling these self same customers to work together with all stakeholders together with native communities, conventional owners, the funding community, regulators and the environment in an improved fashion by leveraging technology to make sure the ESG and reporting expectations of the community are not solely met, however given a sustainable platform upon which to be enhanced.
K2fly is the chief inside the field of making and delivering the technology options to allow that and is the ideal way for Maptek to support that effort. I very a lot look ahead to working with the Board and executive to proceed the success towards that end.”
Pursuant to the placement, Maptek will be issued 22.5m New Shares on the Offer Price equating to a A$4,050,000 investment, inside the general Placement.
Maptek has agreed to a standstill settlement restricting Maptek to not exceed 19.9% shareholding for 12 months, unless with settlement from the K2fly Board or inside the occasion of an introduced third-party Change of Control transaction.
On settlement of the transaction, Maptek’s Chairman, Peter Johnson, will join K2fly’s Board as a Non-Executive Director. Peter is a mechanical engineer with over 20 years’ expertise inside the occasion and application of technology inside the worldwide mining industry.
www.k2fly.com