K2fly Ltd (ASX:K2F) has raised $1.719 million from the exercise of 8,596,096 options at 20 cents per option, representing an exercise of 65% of the total options on issue.
A total of 3,333,906 listed options have been exercised by option holders between March 2020 and May 2020.
In addition, a further 5,262,190 options will be subscribed for in accordance with the terms of an underwriting agreement.
“Faith in the company”
Chief executive officer Brian Miller said, "I sincerely thank our shareholders for exercising their options. This demonstrates our option holders’ faith in the company and the direction we are heading.
“This injection of funds also strengthens the company’s balance sheet and places it in a sound financial position.”
K2fly entered an agreement in early May with underwriter KS Capital Limited which resulted in the partial underwriting of the listed options.
Miller also recently demonstrated his faith in the company with the purchase of shares in an on-market transaction.
On May 13 and 14 Miller acquired 45,000 shares in a direct interest, increasing the total number of securities held after the change to more than 2.6 million.
K2fly Ltd is an ASX-listed technology company which targets asset-intensive industries and supplies people, products and strategic alliances focused on solving problems for clients.
It owns the following software solutions:
- Mineral Resource Governance - RCubed a resource and reserve reporting solution that supports reporting codes such as JORC, NI43101 and SAMREC across the major stock exchanges – including NYSE, LSE, TSX, ASX and JSE; and
- Natural Resource Governance - Infoscope, an Enterprise Land Management, Natural Resource Governance and Stakeholder Relations solution for the Energy and Resources market.